Cetera
Introduction
Cetera Financial Group, a leading financial services company, managed a leased portfolio exceeding 550,000 square feet across 49 locations, with an annual occupancy expense of $17.3 million. Experiencing substantial growth in 2019, Cetera required a strategic real estate approach to streamline their national portfolio, optimize footprint, reduce costs, and implement a dynamic workplace strategy.
Challenge
Cetera needed to enhance real estate management and operational efficiency, reduce occupancy costs, and modernize their workplace environment to support a hybrid workforce. The main challenge was developing and implementing a systematic approach to achieve these goals across their extensive national portfolio.
Solution
Engaged as the exclusive national real estate provider, Vestian developed a multifaceted strategy to address Cetera’s complex portfolio challenges. We implemented a workplace strategy that exceeded targets, reducing square footage by over 40% and upgrading offices to facilitate a hybrid workforce. Our team deployed Vestian's VPortal to enhance data tracking and decision-making processes. We centralized transaction management, resulting in significant cost reductions through strategic lease negotiations. Our integrated project management team oversaw all buildouts and projects, ensuring consistency with a Vestian-developed Design Playbook that incorporated branding and other key elements. Through this comprehensive approach, Vestian successfully transformed Cetera's real estate portfolio, achieving a 60% footprint reduction and a $6 million decrease in annual expenses.
