CBRE Group, the country’s largest commercial real estate services company, said Thursday that it has moved its headquarters from Los Angeles to Dallas.
The international business has more than 100,000 employees and is a Fortune 500 firm. It has a long history in California, but Dallas has been its de facto headquarters for nearly a decade as its largest operating center and the home to many senior executives, including Chief Executive Bob Sulentic.
Few workers will transfer from California to Texas, the company said, and the move will not result in layoffs.
“Designating Dallas as CBRE’s global corporate headquarters formalizes how our company has been operating for the past eight years,” Lew Horne, head of operations in the Southwest, said in a statement.
It has not been uncommon for large companies to move their headquarters out of California, as the state often proves more appealing to start-ups than big established firms. Each loss raises fears of less local hiring, spending, civic engagement and bragging rights.