Cushman & Wakefield has parted ways with the head of its Los Angeles-area operations amid cost-saving measures the company is taking in response to reported losses.
The Chicago-based real estate firm terminated Managing Principal Phil Brodkin, who was hired for the role in August 2021, Brodkin confirmed to CoStar News. No replacement has been named.
Brodkin was tasked with overseeing Downtown, west Los Angeles and north Los Angeles when he was named to his position two years ago.
A Cushman representative declined to comment to CoStar News.
Before Cushman, Brodkin was Newmark's Los Angeles region market leader and had served as the head of Newmark's industrial and logistics services group.
Cushman has been struggling financially in recent months and reported a $33.9 million loss for the third quarter due in part to a decline in leasing and sales activity in response to economic uncertainty and higher interest rates.
The company has laid off hundreds of employees and cut spending on travel and other expenses.
Earlier this month, in a separate event Brookfield Asset Management, one of the world's largest owners of commercial real estate, fired brokerage Cushman from some U.S. leasing assignments.
The move came after a dispute relating to a failed office deal in New York.