JPMorgan Chase Saved $2.9 Million
Rent Reduction Negotiations & Purchase Agreements Result in Significant Savings
Chase, a U.S. consumer and commercial banking business, sought an outside service provider to help achieve corporate objective to reduce occupancy cost or purchase existing locations for the Chicago market.
SRS was engaged, acting as an extension of Chase’s real estate department, to negotiate rent reductions or purchase agreements on 38 locations. SRS leveraged our Chicago brokers to perform market analyses necessary to support property-specific strategies and negotiations. SRS also provided strategy for individual locations on whether to reduce rent or purchase location, status reports on site-specific landlord negotiations, and completed Chase specific approval package for presentation to Real Estate Committee.
SRS has successfully reduced rent on 22 locations with the average reduction in option rent of 19%. SRS has saved Chase an excess of $2.9 million in occupancy costs.
Services Provided
- Rent reduction negotiations
- Purchase negotiations
- Property-specific analysis
- Status reports
- Client-specific approval packages for Real Estate Committee
Results
- Reduced rent on 22 locations with an average reduction in option rent of 19%
- $2.9 million saved in occupancy costs