RBC Case Study

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The Challenge

In 2013, The Royal Bank Of Canada (RBC) had two large blocks of primarily back office space expiring in 2015 and 2017 respectively, both of which were located in downtown Montreal. Cushman & Wakefield was engaged to identify a consolidation strategy and geographic solution. 

The Solution

  • Consolidate both units into more efficient space to drive down occupancy costs
  • Consider moving out of the downtown core yet in a sustainable building close to a transit hub
  • Meet rigorous performance standards and metrics in line with RBS’s global occupancy goals
  • Staggered occupancy with long lead time to accommodate later expiry of the second unit
  • Condensed timeline to complete transaction from kickoff meeting to lease signing
  • Minimize employee disruption and leverage new space to attract and retain talent

The Result

  • Consolidated both units to a redeveloped class A, LEED Gold, office building in Montreal’s Midtown sector, located immediately adjacent to the subway and commuter rail
  • Adhered to and exceeded RBC’s new occupancy standards
  • Secured initial premises for occupancy in 2015 and second tranche occupancy beginning in 2017
  • Completed project on schedule in accordance with pre-determined timeline
  • Reduction in overall occupancy costs
  • Obtained full building branding package including naming rights