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Case Study

Financial services firm relies on JLL for multiple transaction services, saves more than $104 million

​Hit hard by the disappointing market conditions of economic crisis—particularly because they had recently acquired another company—in 2009, a financial services firm came to us with a need to consolidate global operations to cut real estate costs, as mandated by corporate leadership. After discussing their portfolio and company goals, we activated project “Blend and Extend” to capitalize on soft market conditions and deliver lower occupancy costs.

Through the project, we re-negotiated 65 of the firm’s leases across the globe, in order to achieve early renewal and additional cost saving benefits.

Ultimately the project delivered savings of $23 million.

Based on these results, we were hired to dispose of excess space for the company’s investment bank in New York, which was sold for $140 million—a 40-percent -higher price than previous valuation estimates. We also downsized and re-cast a lease for another New York location, which also delivered long-term savings for the bank.

Across the globe, we achieved similar results. In London, JLL extended the client’s lease and renegotiated terms, resulting in cost avoidance of $8 million and additional term to maintain their operations. And in Amsterdam, we negotiated a downsizing of the client’s lease that resulted in yearly savings of $900,000.

Throughout the course of their relationship with JLL, at time of publication the bank has achieved more than $104 million in cost savings thanks to our creative Transaction Advisory Services team.

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