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Monday, February 6, 2023
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Dallas developer Trammell Crow’s CEO is departing

The top officer of Dallas’ largest real estate development firm is headed out the door.

Mike Lafitte has been CEO of Trammell Crow Co. since 2020.

Lafitte was previously the global chief executive officer of real estate investments for commercial property giant CBRE Group which has owned Crow Co. since 2006.

The departure of Lafitte from the company he’s worked for since 1997 was disclosed in a company filing with the Securities and Exchange Commission that said it was “mutually agreed that Mr. Lafitte would depart from the company on February 17, 2023.”

Lafitte also oversaw CBRE’s client care program.

“Serving as CEO of Trammell Crow Co. for the past few years has been the honor of my life in business,” Lafitte said in a statement. “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.”

CBRE said that Lafitte after his departure will be “pursuing outside business and investment opportunities and personal interests.”

“During his 25-plus -year tenure, Mike has made major contributions to the enormous growth and positive change in our company,” CBRE CEO Bob Sulentic said in a statement. “Mike has been an exceptional ambassador for CBRE and TCC and we wish him great success in his personal and professional endeavors.”

Mike Lafitte has been CEO of developer Trammell Crow Co. since 2020.(CBRE)

The CEO role at Crow Co. will now be handled by Danny Queenan CEO of CBRE’s real estate investments division. Queenan has headed the property firm’s investment sector – which includes the Crow Co. – since last year.

Crow Co. which was founded in Dallas in 1948, is the country’s largest commercial builder with a record $13.5 billion development pipeline at the end of the third quarter.

In North Texas, Crow Co. is a major developer of industrial buildings, offices and mixed-use developments.

Lafitte’s departure comes as CBRE is making significant cutbacks in operations and staffing to position the company for an expected recession and business slowdown.

In October the company said it was targeting $400 million in cost reductions, “with the vast majority coming from headcount reductions.” The firm had a 16% year-over-year decline in its third quarter 2022 revenues.

CBRE is the country’s largest commercial property broker with 500 offices and more than 100,000 employees.

The company in 2020 relocated its headquarters from California to Dallas.

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