Vulcan informed its 650-person staff today that it will lay off about 50 employees, company spokesman David Postman says. "Vulcan is not immune to [current] market conditions."

Layoffs are “project based,” Postman says, indicating specific departments will be eliminated, reduced, or postponed; however, he wouldn’t address which departments would bear the brunt, how much they would be impacted by layoffs, or when the staffers would be sent packing. But Vulcan isn't cutting its real-estate division. Vulcan—best known for pumping South Lake Union with new development—also maintains a film production company, a tech project called FlipStart, and an asset-management company. “It’s a tight-knit place and the fact that 50 workers are laid off hits hard on those people and their families, and their coworkers here,” he says.