Case Study
Law Firm Lease Administration
Challenge
This long-standing client initially sought Vestian for Transactions Advisory services. The client then needed a new Lease Administration partner who would challenge the norm of the standard Lease Administration service delivery.
Approach
The client expanded Vestian’s scope of services to include Lease Administration for our strong, technology-agnostic platform, our track record of performance, and ability to expertly audit and reconcile leases. Vestian’s Lease Administration technology is not proprietary; and is therefore nimble and customizable to each client’s needs.
Once managing the client’s Lease Administration needs, Vestian abstracted all leases to determine an effective and realistic annual real estate budget. Vestian delved into the client’s entire portfolio, working with all 30 landlords to achieve rent affirmates and abatements across the board. In addition, the Lease Administration team provides rent reconciliations every month and manages all subtenant invoices for all subleases. To ensure strong governance, Vestian and the client meet monthly to discuss reporting and alignment portfolio-wide.
Results
Vestian’s Lease Administration executive reporting is superior. This was very important to the client, as they were not happy with the reporting they received from past providers. The client’s executive leadership continually found that past reporting was too detailed and cumbersome. Vestian’s reporting solved this with reports and data that are quick and easy to digest.
Vestian’s Lease Administration solution allows the client to focus on their core business. It also enables the use of data to support day-to-day operational decision making with a comprehensive view of the entire portfolio and develop site-specific tactical game plans based on key critical dates.