Closure Begins Heels of Acquisition Deal with Prologis, DCT to Lay Off Approximately 59 Employees
Pictured: DCT Industrial’s head office building at 555 17th St. in downtown Denver.Prologis Inc.’s$
8.4 billion acquisition of Denver’s DCT Industrial Trust Inc. implies the closure of DCT’s Denver headquarters, costing between 55 and 59 tasks. That’s inning accordance with an Employee Readjustment and Retraining Notification Act filing made with the Colorado Department of Labor and Work recently. Prologis revealed that it would acquire DCT, a real estate investment trust that focuses on logistics property advancement and management, in April.
With the offer, Prologis (NYSE: PLD) adds 71 million square feet to its portfolio, and another 7.1 million square feet of advancement and redevelopment jobs.
San Francisco-based Prologis is currently the largest logistics homeowner in the world. The deal is slated to close in the 3rd quarter, pending approval from DCT investors.
In the company’s April release on the pending acquisition, Prologis chief executive for the Americas, Eugene F. Reilly, was estimated stating that the business anticipated “a number” of DCT’s employees to help manage the portfolio. The release likewise mentioned that DCT chief executive Phil Hawkins was anticipated to join the Prologis board of directors.
The number of staff members in the Denver office represents just under half of DCT’s overall workforce of roughly 135 individuals across the country.
The news comes less than two weeks after an announcement that another Denver-born business, Chipotle Mexican Grill, would move its headquarters to Newport Beach, CA.
An agent from DCT Industrial did not immediately respond to a telephone call requesting remark Monday.