Citizens Business Bank (CBB) is a California commercial bank with a diverse portfolio of real estate scattered over Northern and Southern California. CBB was looking to better manage their real estate and to determine the most efficient way to reduce occupancy costs while at the same time accommodating plans for expansion.
CBB retained Bailes & Associates, Inc. for a complete analysis of their commercial real estate portfolio. Bailes & Associates, Inc. provided a thorough analysis and provided CBB’s Chief Executive with a strategy to establish a long-term real estate plan, primarily focused on reducing occupancy costs and maximizing space efficiency of their current facilities. The process included a detailed financial evaluation of the entire portfolio, geographical customer redundancy checks, and implementation of an interactive lease administration program.
Bailes & Associates, Inc. identified where to restructure lease obligations, relocate or consolidate business centers, and reduce operating costs. Bailes & Associates, Inc. negotiated better concessions such as building identity, and minimized costly financial obligations triggered by expiration of certain leases. In addition, Bailes & Associates, Inc. recommended management of CBB’s entire real estate portfolio with a customized and comprehensive lease administration software solution that houses all CBB critical facilities information and dates.
Bailes & Associates, Inc. was able to provide CBB with a reduction in occupancy costs in excess of $15 million dollars over several locations. Bailes & Associates, Inc. was able to enhance many of CBB’s current locations, minimize future costs and streamline ongoing management of their commercial real estate portfolio.