Elevating Lease Administration: A Strategic Partnership Transformation
Introduction
Vestian expanded our partnership with a long-standing law firm client from Transaction Management services to include Lease Administration. Our Vportal and proven track record of performance allowed us to deliver a customized solution that challenged the norm of standard Lease Administration service delivery.
Challenge
Our law firm client needed a new Lease Administration partner capable of providing superior executive reporting and challenging the standard service delivery model. Previous providers had delivered overly detailed and cumbersome reports that failed to meet the needs of executive leadership.
Solution
Vestian implemented a tailored Lease Administration solution to address the client's specific needs. We began by abstracting all leases to determine an effective and realistic annual real estate budget. Our team then worked with all 30 landlords to achieve rent agreements and abatements across the portfolio. We established a rigorous process of monthly rent reconciliations and managed all subtenant invoices for subleases. To ensure strong governance, we instituted monthly meetings with the client to discuss reporting and maintain portfolio-wide alignment.
Our executive reporting solution provided quick and easy-to-digest reports and data, solving the challenges posed by previous providers' overly detailed reporting. This approach allowed the client to focus on their core business while leveraging comprehensive data to support day-to-day operational decision-making. The solution also enabled the development of site-specific tactical plans based on key critical dates, providing a comprehensive view of the entire portfolio and enhancing strategic real estate management.
