Realtor.com operator Move Inc. has vacated half its Westlake Village, Calif. office space. Annual rent at the Westlake Village headquarters will average $2.2 million a year through 2016, compared with $4 million a year under the old lease, Move said in a regulatory filing.

Move’s new seven-year lease with Arden Realty Limited Partnership provides the company with 76,000 square feet on two floors at 30700 Russell Ranch Road, compared with 138,000 square feet under its previous lease, signed in 2000.

Julie Reynolds, spokesperson for Move, told Inman News that there are no layoffs planned, and that some employees have already been relocated to a 30,000-square-foot product development and marketing office in Campbell, Calif.

“We are working with the landlord to refurbish the facility to make a more enjoyable work environment,” Reynolds said.

During the dot-com boom, when the company was known as Homestore, its payroll grew from 993 workers at the end of 1999 to 2,800 by the close of 2001, then fell to 1,456 by December 2004. In its most recent annual report, Move said it employed the equivalent of 1,181 full-time workers at the end of 2008, including 166 Welcome Wagon employees. The 24 percent reduction in payroll from the year before left the company starting off 2009 with its smallest workforce in a decade.

(Reprinted with permission from Inman News.)

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