Goldman's Archon Group Lays Off 100 Staffers.(Brief Article)

Commercial Mortgage Alert, June, 2002

Archon Group, the Dallas real estate affiliate of Goldman Sachs, has laid off about 100 employees, or roughly one-fifth of its U.S. workforce, reflecting a decrease in its asset-management business.

About a half-dozen executives were among those let go. The rest consisted of a mix of asset managers, analysts, associates and secretaries.

Archon was formed as the asset-management arm for Whitehall Street Real Estate Fund, which is operated by Goldman. The layoffs did not directly affect Archon's two mortgage units: Archon Financial, which originates conduit loans, and Archon Capital, which invests in mezzanine and high-yield debt.

Most of the dismissed employees helped manage properties controlled by Whitehall, while others worked on debt...