Paul Massey’s B6 Real Estate Advisors is the latest commercial brokerage to be hit with layoffs, the company confirmed.
“We deeply regret that several members of our team were let go due to the current business climate,” a spokesperson wrote in an email. “They are part of the B6 family and our thoughts are with them and their loved ones during this difficult time.”
The company had 42 brokers on its investments and debt teams, 21 of which were hired in the last 12 months. It was not immediately clear how many had been let go, according to The Real Deal, which first reported news of the layoffs.
B6 is one of the latest brokerages to face cuts, after Meridian Capital Group dismissed some of its support and back office staff, and Compass cut 15 percent of its workforce.
Massey is best known for the brokerage he ran with Bob Knakal, the eponymous Massey Knakal Realty Services, which they sold to Cushman & Wakefield for $100 million in 2014. Massey started B6 in 2018 after a brief mayoral run, and has spent 18 months building up the business with a focus on recruiting.
CO caught up with Massey last month to discuss the growth of B6 up until that point, and his thoughts on weathering this crisis.