COMMERCIAL REAL ESTATE

Consolidation: Pannell Kerr Forster, a Los Angeles-based accounting firm that specializes in hotel and hospitality real estate, opened a small Irvine branch in the mid-1970s when development was booming.

But now that those good ol’ days are gone with the recession, the company decided to consolidate its Orange County staff with its Los Angeles office. Last week, Pannell Kerr Forster shut its Irvine office and moved the six consultants up the freeway.

“It basically was a cost-effective move to cut our overhead,” said Thomas Callahan, regional managing director for Pannell Kerr Forster.

The company “is still quite active in Orange County,” Callahan said. So the relocated consultants will continue to spend a lot of time here.

“It will necessitate more driving,” he noted.