The Challenge

A bank holding company has multiple sub-organizations and operations including a retail banking unit and mortgage broker. While most real estate is individually leased by each sub-organization, some properties are shared. Geographically there is a significant amount of overlap.

Each organization has its own system for managing leases. In the New York City market, the mortgage unit is looking for space to accommodate a new sales office. The company was wasting money by not knowing space availability across the banks overall portfolio. They hired a broker to begin the search. Simultaneously, the retail banking unit has space available and has hired a broker to market it for sub-lease.

The Visual Lease Solution

Visual Lease provided real-time instant access to space availabilities and usage, allowing the entire organization to be more responsive to changing business needs. Using Visual Lease’s data security settings, the real estate department from the mortgage unit has read only access to retail banking leases. The mortgage unit can now run an occupancy report on the retail banking portfolio and identify available space.

They can now see how the entire business is utilizing its space across the portfolio, eliminating duplicate leasing costs by taking advantage of excess space that the other organization could use.

In addition, the full lease management capabilities of Visual Lease were implemented in both organizations and their existing data was migrated – providing them a single comprehensive solution.