Steve Moriarty, a founding partner at specialist industrial property service firm M3, is to leave the company today.

His departure is part of a cost saving plan that is being instigated at the firm in order to cut overheads.

It is understood that Moriarty, an equity partner, has entered into an agreement with in which he will be departing the company but will be retained as a consultant on certain transactions.

Moriarty, who headed up M3’s Agency team dealing with occupational leasing – an area of the industrial market that has been especially hard hit by the down-turn – joined the firm in 2002.

Previously, he was a partner at Fuller Peiserin having also worked in South Africa.

A spokesman for the company told Property Week: ‘With effect from Friday 31st July 2009 M3 announces that Steve Moriarty will be resigning by mutual agreement as a Partner of M3 Agency. In line with the difficult current market climate, M3 has had to decrease the overhead of the agency division which has prompted Steve’s departure.

‘The M3 team will continue to provide agency advice to investors, developers and other institutions in the usual way from their offices in London, Birmingham and Sheffield.’

The firm was founded in 2000 as M2 by Richard Moffitt and Simon Milner who had left Gerald Eve, but became M3 when Moriarty joined the firm in 2002 making a partnership of Milner Moffitt and Moriarty.