American Appraisal Associates Inc. notified state officials that it is laying off 32 employees in its downtown Milwaukee office at 411 E. Wisconsin Ave.
Milwaukee-based American Appraisal was acquired recently by New York-based Duff & Phelps Corp., a global valuation and corporate finance advisor. American Appraisal is a full-service valuation firm that also provides transaction consulting, real estate advisory and fixed asset management. The two firms have been working on integration plans.
The layoffs in Milwaukee are expected to be permanent, but the firm plans to keep an office here, according to information submitted to the state.
“As part of our acquisition by Duff & Phelps, we have been assessing integration plans to ensure the merger delivers on its promise of a focused global valuation leader,” said American Appraisal spokeswoman Laura Brophy. “These dynamics frequently result in challenging decisions concerning employees, and our situation is no different. We are committed to ensuring impacted professionals, of which there are approximately 30 in Milwaukee, are treated fairly and equitably throughout the process. The firm’s long commitment to Milwaukee and the Midwest remains, and our office here will remain open for our client service staff.”