First National Bankers Banksshares INC
Lake Mary, FL
Independent Banker's Bank is a correspondent bank that had laid off a third of their staff due to the economic climate. With more than 30,000 square feet and one year left on their current location's lease, the company desired to downsize and create efficiencies with their plan.
Cresa Orlando was hired to create a strategic plan that included the evaluation of existing space utilization within the two floors Independent Banker's Bank was currently leasing. The plan was to bring them to market more than one year before their lease expired to create a competitive forum for the landlord.
The leveraging of these outside properties enabled IBB to realize immediate rent savings in the form of an early renewal at a significantly reduced size of 19,000 square feet of contiguous space. Additional cost savings were realized in lower rental rates and an adjusted base year for operating expense pass throughs.
This reduction of rent helped IBB's bottom line by nearly 50% without any up-front capital costs to the firm.
Independent Banker's Bank has been an 18-year client of Cresa Orlando and continues to rely on our services for operating expense review and transaction management.