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Charles Dunn Folds Brokerage Business
Los Angeles-based Charles Dunn Co. Inc. shut down its brokerage operations, effective Nov. 1, 2018. The property management business will remain operational.
In a memo from President and COO Patrick Conn, brokers and staff were notified of the decision. “With a heavy heart, we will close the current operations of Charles Dunn Company Inc. effective Thursday, November 1, 2018,” wrote Conn. The board of directors concluded that it was in the company’s best interest to cease operation “before we incur further expenses and potential losses,” he wrote.
The company explored various options over the past year to stabilize the firm and put it on a path to future growth. The memo noted, those efforts included a potential sale of the company.
Conn’s memo indicated, “Despite our diligent efforts, we were unable to find viable options and we have also come to the realization that a sale of the company will not occur as we had hoped. We believe it’s unfair to all of you to continue operating the company without a sustainable business plan and dedicated leadership.”
The privately-owned company was founded in 1921 and has offices in Downtown Los Angeles, West Los Angeles and Sherman Oaks and lists 35 brokers on its website. The firm says it manages more than 25 million square feet of commercial real estate.
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- ◦People
