Cushman & Wakefield has terminated the head of its Los Angeles operations, Phil Brodkin, as the commercial brokerage continues cost-cutting measures.
Brodkin joined Cushman & Wakefield in mid-2021 and oversaw Downtown, West and North L.A., CoStar News reported. He confirmed his departure to CoStar News.
Cushman has not named a replacement for Brodkin.
Cushman had spent 2022 beefing up its operations in L.A., acquiring Cresa’s offices in West L.A., Woodland Hills and Westlake Village. About 40 brokers and project managers moved to Cushman as part of the deal.
But in recent quarters, the Chicago-based firm has suffered steep losses, given commercial real estate deals have dried up in a macro-economic market of rising interest rates.
In the second quarter, Cushman reported a profit of $5.1 million, down from $97.2 million in the same three months of 2022.
Cushman then reported a $34 million loss in the third quarter, adding it had laid off hundreds of employees and would cut spending on travel and other expenses.
Before joining Cushman, Brodkin was Newmark’s head of industrial and logistics services across L.A. He started his career at CB Richard Ellis, now known as CBRE, according to his LinkedIn profile.
