Cadre joins a growing list of high-profile technology companies like Airbnb and Uber that have laid off a large number of employees amid the pandemic
Cadre, the closely watched real estate investment technology platform, is laying off 28 employees, about 25% of its workforce, as it moves to deal with the financial implications of the pandemic, according to two people familiar with the situation.
Commercial real estate transactions involving assets like offices and multi-family apartment buildings have completely frozen-up since the end of February, reducing Cadre’s revenues that partly rely on up-front transaction fees. At the same time, Cadre is also moving to broaden its business by trying to launch a real estate investment fund that can take advantage of a distressed real estate environment.
Cadre, which declined to comment, joins a growing list of high-profile technology companies like Airbnb and Uberthat have laid off a large number of employees amid the pandemic. Cadre is planning on covering health insurance costs of laid off employees for the rest of 2020 and extending the post-termination exercise period for option grants to two years.
“The professional respect and personal friendships I have with our team make it gut wrenchingly difficult to share the news that we are reducing our head count by 25 percent,” Williams wrote in a post on Cadre’s web site. “While our current portfolio is holding up well thus far, we are navigating an environment in which real estate transactions have abruptly halted, and we can’t be certain how long this will last.
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