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Architects Even Sacrificing Their Private Planes

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Pity the poor CEO of century-old architecture firm AC Martin Partners Inc., Christopher Martin. While other architects have had to scrimp and save, move into new practice areas, and have even rented out their own homes to ensure they won't have to lay off employees, Martin is finally feeling the recession's heat. According to the LA Business Journal, Martin has not only reduced 40% of his workforce and cut salaries, now he's made the ultimate sacrifice: he's sold his private plane. According to the paper, he sold his "Cirrus SR22 airplane, a four-seat propeller plane he purchased in May 2008 for about $600,000 – and added the proceeds to AC Martin’s capital base." Yes, we'd imagine it seems somewhat impolitic to fly your plane around on weekends after laying off 80 staffers and asking others to accept salary cuts. AC Martin is the firm responsible for Boyle Height's latest police station and the planned billion dollar Wilshire Grand hotel and office complex.
· Architect Keeps Family’s Firm Afloat by Design [LABJ]