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California  | 

Seagate Cutting 6,500 Jobs, Consolidating Footprint

Seagate Technology reported it plans to cut its workforce by 14% over the next year and consolidate its footprint to help the bottom line. That translates to 6,500 jobs worldwide and an undetermined amount of CRE space reduction.

Newmark Cornish & Carey’s Phil Mahoney says the impact shouldn’t be major because “they already have a Cupertino office building on the market for lease,” and given Cupertino’s low single digit vacancy “the space should be quickly absorbed.”

The Cupertino, CA-based hardware manufacturer has a long-term presence in the Silicon Valley. The moves are expected to cost $164 million during the fiscal year, including $82 million in employee termination expenses.

Shares of Seagate jumped more than 13% to $27.07 in after-hours trading Monday on “better-than-expected” demand for hard disks.

Read More at San Jose Mercury News

Connect with Newmark Cornish & Carey’s Mahoney

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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