Success Stories

Sub-Zero/Wolf - US Portfolio

Madison, WI
2,300,000 SF
Cresa Madison
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Client Objectives

In the past, Sub-Zero’s real estate portfolio was decentralized and each lease was managed at the local level. To realize cost savings and to consolidate information for reporting purposes, the company decided to outsource the real estate functions to a single source provider, which included: lease transaction, contract review, lease administration, and other real estate matters.

Cresa Team Members

Results

By working with Sub-Zero’s finance team and facilities management group, Cresa assisted Sub-Zero in collecting and creating lease abstracts for all its leases across the United States. This data was validated and used to populate a centralized lease administration database. Following the data collection effort, the database has been maintained on an on-going basis to manage changes and upload information on new properties. In addition, a new “Lease Initiation Approval Process” was implemented to ensure proper project implementation/delivery, and Cresa developed a custom-tailored process outlining best practice procedures.

• Within the first six months, 27 projects were uploaded to the system, including lease renewals and new location transactions.


• Over a two year period, Sub-Zero realized a total savings of $3.2 million, of which rental savings accounted for $2.4 million.

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