Facing mounting losses and the departure of several top producers, Charles Dunn Company has closed its brokerage business.
Chief operating officer Patrick Conn told employees of the Los Angeles-based company in a memo that the decision was made to avoid “further expenses and potential losses,” according to the Los Angeles Business Journal. The brokerage had a roster of about 50 agents as of 2016.
Charles Dunn Real Estate Services, the company’s property management group, will stay open. The company, whose principal is Walter Conn, says it manages more than 25 million square feet of commercial real estate, according to its website.
In February, it sold the 300,000-square-foot Peck Center complex in City of Industry for $51 million, a property it had acquired 20 years earlier.
Patrick Conn later said in the memo that the company had explored a potential sale of the firm — which was formed in 1921 and several offices in the area — but that a deal couldn’t be made.
“We believe it’s unfair to all of you to continue operating the company without a sustainable business plan and dedicated leadership,” he said.
The announcement comes just two weeks after the departure of top producing broker Bill Boyd and his team at Charles Dunn’s Glendale office, which closed in the process. Boyd left to join Kidder Matthews as part of its expansion in the L.A. area. Boyd’s departure left Charles Dunn with offices Downtown, in West Los Angeles and in Sherman Oaks.
The brokerage will close out current contracts and complete listing assignments, but will not take on new deals. [LABJ] — Dennis Lynch