Longtime CBRE leader Mike Lafitte is departing the world's largest real estate services firm by revenue next month, saying that after about 40 years in the industry he's looking forward to serving on boards, investing and seeing whether any business opportunities catch his eye.

Lafitte, global group president of Dallas-based CBRE's client care business and CEO of Trammell Crow Co., CBRE's development arm, is leaving the company where he has worked for more than 25 years on Feb. 17, according to a Securities and Exchange Commission filing from Wednesday.

Danny Queenan, who is currently serving as CEO of CBRE's real estate investments group — a role he's held since last year — will replace Lafitte at the helm of Trammell Crow Co., CBRE said in a statement to CoStar News.

Lafitte is leaving as CBRE announced plans in October to cut $400 million of costs, with a significant portion through layoffs, as it braces for economic headwinds in the real estate industry.

He said in an emailed statement that “serving as CEO of Trammell Crow Co. for the past few years has been the honor of my life in business."

Lafitte joined Dallas-based Trammell Crow Co. in 1997. Nearly a decade later, CBRE acquired the real estate development firm, bringing Lafitte, who was a central regional leader for the firm at the time, under the CBRE umbrella.

"I can only imagine what Mr. Crow himself would say about how significant and strong Trammell Crow Co. is today, " Lafitte said.

Under the CBRE banner, Lafitte has held several leadership roles, from global CEO of real estate investments for CBRE to global CEO of advisory services to chief operating officer of the brokerage firm. In his most recent position overseeing CBRE's client care program, he focused on helping to drive measurable, integrated results for the brokerage's largest investors and occupier clients.

As part of Lafitte's departure from CBRE, he will receive payments and benefits given to senior executives under the company's severance plan, which has three tiers based on type of leadership roles held at the firm, according to the SEC filing. Lafitte is also eligible to receive a pro-rated portion of a one-time strategic equity award granted to him and other senior executives in 2017, the filing indicated.

The one-time strategic equity award with a target grant date value of $5.5 million was given to senior CBRE executives in exchange for agreeing to certain undisclosed covenants, according to the firm's filings with regulators. The vesting period of the grant was six years upon it being issued in 2017. It was given to senior leaders at the global firm, with CEO Bob Sulentic declining the grant.

CBRE's former chief financial officer Leah Stearns, who recently became the new chief financial officer of another Dallas-based firm, was awarded a one-time strategic equity award of more than $3 million when she left CBRE, according to the firm's 2021 proxy statement.

Meanwhile, Lafitte said CBRE is in good hands with Queenan and the rest of the Trammell Crow Co. leadership team.

"Now I am looking forward to serving on various boards, investing in real estate along with other business opportunities, staying active in the community and spending more quality time with family and friends," Lafitte added.

Lafitte got his start in the real estate industry in Dallas nearly four decades ago. He spent his first five years in the industry, beginning in 1984, in office leasing at Dallas-based Lincoln Property Co. Lafitte has an MBA from Southern Methodist University and a bachelor's degree in finance and real estate from the Texas McCombs School of Business at The University of Texas.