The Assignment
After an internal benchmarking assessment determined that Phoenix Life Insurance was inefficiently utilizing its corporate real estate, the company engaged Tom York and Bill Farley (CBRE advisors at the time) to advise the firm on strategies to “right size” and reduce real estate expenses.
Services Provided
- Assisted in the development and decades long implementation of a Strategic Real Estate Plan.
- Assisted with the development of corporate real estate standards and culture for employees based on current market trends and concepts.
- Developed the strategies to implement the standards and consolidate employees to reduce the overall real estate foot print and associated expenses.
- Developed and provided the financial modeling to support the real estate planning and goals
- Presented findings and recommended strategies to senior management
- Provided marketing and dispossession services for surplus properties
Notable Achievements
Successfully reduced firm’s density from 400/SF per EE to under 250/SF per EE. Marketed and sold four office properties totaling 705,000 SF:
- 101 Munson Road, Greenfield, MA (92,000 SF)
- 100 Bright Meadow Boulevard, Enfield, CT (435,000 SF)
- 56 Prospect Street, Hartford, CT (143,000 SF)
- 38 Prospect Street, Hartford, CT (35,000 SF)