The client’s total leased portfolio consisted of over 550,000 square across 49 locations with total annual occupancy expense of $17.3 million.
As Cetera grew in 2019, a more comprehensive real estate approach was required to manage their national portfolio, optimize footprint, reduce costs and implement an effective workplace strategy.
Vestian was enlisted as Cetera’s national real estate provider.
Workplace Strategy: Vestian established targets to reduce square footage by 40% and to upgrade offices with modern new buildouts to facilitate hybrid workforce. Exceeded targets.
Technology: Implemented Vestian’s VPortal technology platform to track client data and improve decision making.
Transaction Management: Integrated and centralized transactions team implemented lease negotiations to reduce annual expense from over $17 million to under $11 million by 2022.
Project Management: Integrated team manages all buildout and projects across portfolio from pre-lease inception through project turnover. All new locations conform to Vestian developed Design Playbook incorporating branding and other physical elements.
Exclusive National Real Estate Partner
- Portfolio Optimization & Management
- Site Selection
- Real Estate Strategy
- Transactions management
- Data Management
- VPortal Technology Solutions
- Project Management
60% footprint reduction - 300K sqft to under 150K sqft
$6 Million portfolio-wide reduction in annual expense - $17M to $11M