MINNEAPOLIS (Jan. 14, 2009) – The Opus Group, a group of independent companies providing full real estate development services, announced today that it is eliminating approximately 200 positions nationwide as a result of deteriorating market and economic conditions in the commercial real estate development industry. The workforce reductions are occurring in all five independent operating companies. Some geographical locations are affected more than others.
Mark Rauenhorst, Opus Corporation’s chairman and chief executive officer, said industry conditions are the most challenging the companies have faced in their 55-year history. “We regret having to take these actions and acknowledge the stress and difficulty they will create for dedicated Opus people and their families,” said Rauenhorst. “Unfortunately, the stress and difficulties being incurred in the lending and capital markets require us to reduce costs across all of the companies.”
In addition to the workforce reductions, each company continues to implement a variety of measures to conserve cash, consolidate functions and become more operationally efficient. “Our leadership is focusing intently on reducing overhead expenses and discretionary spending. These actions are intended to enable the companies to manage through the current challenges, take advantage of market opportunities and be positioned for an eventual rebound in commercial real estate markets.”
The Opus Group is a group of independent companies providing full real estate development services. Opus is recognized as a national leader in office, industrial, retail, multifamily, government and institutional development and has offices across the United States and in Canada. Committed to creating great real estate, Opus implements best practices in sustainable design and construction to maximize building performance and reduce environmental impact. For more information, visit www.opuscorp.com.
Director of Communications
OPUS National L.L.C.
10350 Bren Road West
Minnetonka, MN 55343