Trammel Crow closes OKC/Tulsa offices

[metro]

This isn't good news, let's hope this trend doesn't continue.........

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Trammell Crow closing OKC, Tulsa offices
by Brian Brus
The Journal Record November 24, 2008

OKLAHOMA CITY – Commercial real estate firm Trammell Crow is closing its Oklahoma City and Tulsa offices in response to the nationwide economic downturn and evaporating investment capital, Regional Managing Director Shaun Frankfurt said.

The decision to shut down in Oklahoma came suddenly. In August, the Dallas-based company had just announced the reopening of its Tulsa office and several new hirings, about a year after becoming a subsidiary of CB Richard Ellis Group Inc. “The last 60 days have seen a change in our economy unlike anything we’ve seen in the last 20 years. It’s been a really, really difficult decline in the overall national economy, and I think it’ll continue,” Frankfurt said.

“Banks are very hesitant to take new risks or extend any new loans. Institutions that have made loans in the past or that have put capital into deals are more conservative than they’ve been in a long, long time,” he said. “They’re hoarding cash, essentially.”

Not only are capital investors keeping a firmer grip on their wallets, but the deals squeaking through aren’t making the same profits, he said – rental rates are declining and it takes longer to sell projects.

“So everybody is adjusting their size and cost structures to be competitive,” he said.

The company, founded in 1948, has offices in 30 major cities and has been in Oklahoma for about 40 years.

Frankfurt will continue to maintain professional contacts in the market, but without a physical office and its six jobs. After the CB Richard Ellis acquisition, Frankfurt was moved out of the Oklahoma market to Chicago as managing director of the company’s business unit there. Oklahoma’s operations will now fall under his oversight again.

“We have several projects here; we’ve bought a lot of property, both industrial and office, and we own a lot of land. So we’ll continue to work those projects to their successful conclusions.”

The office closings aren’t a response to Oklahoma’s economic specifically, he said – “In fact, I think Oklahoma’s done just fine. This is a response to a national decline in the industry.”

[Kerry]

We are talking 6 positions here in two cities with a combined 2 million people - let's not over react. I would rather a Dallas based company leave the OKC market than an OKC based company close down. The article makes it sound like bad news for OKC but it is just the opposite.

[oneforone]

OKAY OKAY I'll say it.


It's George W. Bush's fault.

[dcsooner]

I couldn't agree more.

[venture]

I think metro was getting at that this is a commercial property broker closing up, meaning there is a drop of business locally in selling commercial property.

[Kerry]

OKAY OKAY I'll say it.


It's George W. Bush's fault.

I guess Trammel Crow doesn't believe in Hope or Change. Obama said he was going to save 2.5 million jobs. He should start with these 7. Yes we can!

[bluedogok]

Trammell Crow in OKC has changed drastically over the years, I worked with them on projects at a couple of firms. They have also had several merger and finance situations which has changed the company, they are no longer the same company they were 5-10 years ago when they represented more properties.

Much of the property that they represented in OKC was property owned by CALPERS (California Public Employees Retirement System) which I think has sold off some pieces and moved the management contract to another broker. They also mostly had office/warehouse and flex office properties in the OKC market, very little true office properties. There are just better brokers in the OKC and Tulsa markets than what Trammell Crow was, Shaun leaving the OKC market probably hurt that office, I know that he was here in Austin for awhile before the move to Chicago. They are also a smaller player down here in Austin/San Antonio and Houston compared to others in those markets, the DFW market is where their focus has been and always will be. They are very much a company in transition since Trammell and Harlan stepped from leadership. In 2006 they were bought by CB Richard Ellis and they still have OKC and Tulsa offices.

[oneforone]

I guess Trammel Crow doesn't believe in Hope or Change. Obama said he was going to save 2.5 million jobs. He should start with these 7. Yes we can!

I posted that as joke. It seems like everybody is quick to blame W. regardless if he had anything to do with a companies failure or not.

Few people realize today's economy is the result of poor leadership, piss poor planning, corrupt business leaders and greed.

Circuit City is a prime example of this. I worked for that company for eight years. The Senior Management drove that company in the ground. Circuit City Corporate's Philosphy: "Just keep playing the music and rearranging the deckchairs the company's problems will solve themselves."

[andy157]

I guess Trammel Crow doesn't believe in Hope or Change. Obama said he was going to save 2.5 million jobs. He should start with these 7. Yes we can!

Yes Kerry, he did say that. But Kerry, he didn't say he was going to save 2.5 million jobs that were bad. And didn't you say if they weren't leaving it would be bad news for OKC? That is unless I misunderstood what you said.

[HOT ROD]

The company is headquartered in Dallas, what do you guys expect?

It would have been better to have consolidated the two offices into one, say in Downtown OKC - but like I said, what else can be expected from Dallas. ....

BTW - Obama isn't in office yet, so don't blame him. TC wouldn't listen to him anyways.

[Kerry]

Yes Kerry, he did say that. But Kerry, he didn't say he was going to save 2.5 million jobs that were bad. And didn't you say if they weren't leaving it would be bad news for OKC? That is unless I misunderstood what you said.

What I said is that I would rather a Dallas based company close in OKC than an OKC company having to close. Did Obama define what a bad job is (non-union maybe)?

Change you hope to believe in. Yes we can!

[bluedogok]

The parent company of Trammell Crow (CBRE) still has offices in OKC and Tulsa. I would imagine the Trammell Crow name will fade away in the next 5 years.

[bluedogok]

Another Trammell Crow office closes, this time in San Francisco.

San Francisco Business Times - CBRE closes door on Trammell Crow S.F. office
Friday, December 26, 2008
by J.K. Dineen and Blanca Torres

The name Trammell Crow is about to vanish from San Francisco’s real estate industry.

Trammell Crow Co. will shut down its San Francisco office at the end of the year. The subsidiary of CB Richard Ellis would not specify the number of employees let go, but sources at the parent company put the number at five.

“We maintain a strong presence in California and are committed to delivering value for investors, tenants and communities throughout the state,” said John Stirek, president of western operations for the Trammell Crow Co.

In 2006 CBRE bought Trammell Crow Co. for $2.2 billion. Most of Trammell Crow was absorbed into CBRE’s operations, but its development and investment business retained the Trammell Crow Co. brand name and is run as a wholly owned but independently operated subsidiary.