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DCT Industrial to Close Denver Headquarters

Closure Comes on Heels of Acquisition Deal with Prologis, DCT to Lay Off Up to 59 Employees
June 5, 2018
Pictured: DCT Industrial's headquarters building at 555 17th St. in downtown Denver.

Prologis Inc.’s $8.4 billion acquisition of Denver’s DCT Industrial Trust Inc. means the closure of DCT’s Denver headquarters, costing between 55 and 59 jobs.

That's according to a Worker Readjustment and Retraining Notification Act filing made with the Colorado Department of Labor and Employment last week.

Prologis announced that it would acquire DCT, a real estate investment trust that focuses on logistics real estate development and management, in April.

With the deal, Prologis (NYSE: PLD) adds 71 million square feet to its portfolio, and another 7.1 million square feet of development and redevelopment projects.

San Francisco-based Prologis is already the largest logistics property owner in the world. The deal is slated to close in the third quarter, pending approval from DCT stockholders.

In the company's April release on the pending acquisition, Prologis chief executive for the Americas, Eugene F. Reilly, was quoted saying that the company expected "a number" of DCT’s employees to help manage the portfolio. The release also stated that DCT chief executive Phil Hawkins was expected to join the Prologis board of directors.

The number of employees in the Denver office represents just under half of DCT’s total workforce of roughly 135 people nationwide.

The news comes less than two weeks after an announcement that another Denver-born company, Chipotle Mexican Grill, would move its headquarters to Newport Beach, CA.

A representative from DCT Industrial did not immediately respond to a phone call requesting comment Monday.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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