The challenge
Regions Financial Corporation is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management and mortgage products and services. Regions serves customers across the South, Midwest, and Texas. Regions Corporate Real Estate had accumulated a total space footprint of more than 18M SF. Regions had substantial vacancy across its owned and leased assets with no program in place to identify and monetize those assets to support expense offset and income.
The solution
Sim Wilson worked with Regions Corporate Real Estate leadership to focus on identifying and standardizing lease opportunities across their portfolio. Standardized floor plans, demising schemes, marketing materials, national listing with CoStar and LoopNet listing services and a single-point-of-contact leasing hotline were all created to provide a seamless process for fielding interest and executing leases with a minimum IRR threshold.
Through this execution model, Regions was able to dispose of more than 1.8M SF of excess vacancy and achieve annual revenues of more than $15M from space that once sat vacant and overlooked.