Real estate strategy delivers early win in landmark merger

The merger resulted in a combined real estate portfolio of more than 600 office and retail sites totaling more than 4.2 million square feet. As expected, there were overlapping operations in key U.S. markets and lease structures that varied from city to city—from Chicago, Denver, and Omaha to Southern California and the San Francisco Bay Area. And above all, a $25 million savings goal for the CFO and corporate real estate (CRE) team—equal to 40% of the combined office portfolio—presented a formidable challenge.

With speed, sensitivity, and real savings on the line, the CFO and CRE team turned to JLL to help translate bold integration goals into an actionable real estate strategy. From early planning through post-close execution, JLL partnered with the CRE team to bring clarity to the full portfolio, accelerate key decisions, and lay the groundwork for long-term value.

Before the deal even closed, JLL was on board to help build the foundation for real estate decisions that would follow. First came the data: collecting and cleansing records from the acquired bank, aligning them with the parent company’s systems, and establishing a clear, combined cost baseline.

With the numbers in place, the team developed portfolio visualizations that helped business leaders spot overlaps, unearth savings, and align decisions with the Canadian bank’s growth strategy. JLL worked across the full portfolio to organize synergy strategies by geography, size, capital requirements, and projected savings timeline—all mapped to the parent company’s integration milestones.

Each market had its own story to tell, and JLL helped the bank understand the opportunity in each city and building. Using scenario modeling that weighed everything from cost and location to occupancy levels and operational efficiency, JLL provided clear, side-by-side comparisons for leadership.

In one major city, for example, the numbers pointed toward relocation—a bold move that would unlock $6.8 million in first-year savings. In another urban hub with similar baseline costs, the smarter play was to stay put but consolidate—from eight floors to two. That move preserved brand presence, minimized disruption, and still delivered $4.3 million in annual savings.

These weren't just cost exercises. Each scenario had to account for lease obligations that couldn't be easily unwound, talent that needed to stay engaged, and a timeline that demanded speed without sacrificing thoughtfulness. The result was a playbook of decisions that balanced urgency with strategic alignment.

The payoff came quickly. The team identified $24.5 million in corporate office synergy savings—nearly meeting the highly ambitious $25 million target. The acquired footprint shrank by 40%, reducing total rentable square footage and freeing up capital for reinvestment. Annual cost savings hit nearly 50%, with $7 million realized in year one alone.

Just as importantly, the integrated Project Management Office (PMO) and CRE team delivered results within 12months of deal close—hitting every synergy milestone on time.

What began as a cost-focused exercise became something more: real proof that real estate, when aligned with business priorities, could be a lever for enterprise value.

"We had a narrow runway and ambitious goals," reflected one senior client leader. "JLL helped us gain clarity, move quickly, and start delivering value before the ink was dry."

As one of the largest cross-border bank mergers in recent history continues to unfold, the real estate integration has done more than meet its targets. It helped define what’s possible when speed, insight, and partnership come together.

Learn how JLL helps banks turn M&A real estate strategy into a competitive advantage.