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HFF Reducing Workforce and Operating Costs

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^{Published in Business and Finance on Friday, January 9th 2009 at 15:07 GMT, Last Modified on 2009-01-09 15:08:08 by Market Wire}  

PITTSBURGH--([ BUSINESS WIRE ])--HFF, Inc. (NYSE:HF) announced today that during fourth quarter 2008 it completed a top-to-bottom review of each of its business lines and support functions in light of the current global and capital market conditions. This action was taken to ensure HFF is producing superior value-added services for its clients as efficiently as possible while repositioning select lines of business to take advantage of opportunities that are unfolding in the current global credit and liquidity crisis facing the commercial real estate sector. As part of this process, HFF has reduced its operating costs and expenses which include a reduction in its workforce by approximately 12% equating to 57 positions nationwide.

Nearly all of HFF's 18 offices were affected by the reductions during fourth quarter. Positions eliminated were in multiple departments and lines of business as well as at various staff levels. HFF's employee count now stands at 433 including 163 producers. As of third quarter 2008, total employees were 490 including 174 producers.

"During these unprecedented times in the global financial markets we are aggressively seeking ways to take advantage of opportunities as well as ensuring we are operating as efficiently as possible which includes tightly managing operating costs and eliminating positions in offices or in lines of business where the business no longer supports these positions. Although difficult, this is a necessary step given the current environment," states John H. Pelusi, Jr., HFF, Inc.'s chief executive officer.

About HFF

Through its subsidiaries Holliday Fenoglio Fowler, L.P. and HFF Securities L.P., HFF operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. [ www.hfflp.com ].