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Sovereign Bank – Trammel Crow
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MA, NH, CT, RI |
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When Sovereign Bank acquired hundreds of former Fleet Bank and BankBoston branches across southern New England, bank officials had their hands full with a massive real estate portfolio spanning four states. In a matter of weeks, property management firm, Trammell Crow, needed to bring more than 100 New England bank branches into the Sovereign fold.
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Trammel Crow needed to identify the overall condition of the buildings' systems and where immediate repairs were necessary.
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For the initial transition to be a success, the bank needed complete inventory and condition audit reports on the buildings. As the buildings varied widely in size and condition, each assessment required individual time and attention.
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Working with Trammell Crow's property managers, VFA helped Trammell Crow meet a four-week deadline for delivering 124 separate building assessments.
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To meet the tight project timeframe, VFA created a custom assessment form that was deployed to VFA's network.
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The assessment team used VFA's criteria to evaluate the properties and produce individual building reports complete with accompanying photographs. Information about the building systems, their age, condition and any necessary repairs was included in each report.
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Armed with the assessment data that was gathered, bank managers were able to verify that property values were in line with original estimates, and analyze the remodeling necessary to bring the branches up to Sovereign Bank standards.
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