Federal Express Corporation

Federal Express Corporation, with a $28 Billion market cap, delivers close to 3.4 million packages daily.  It has 655 aircraft and approximately 51,000 vehicles worldwide.

Situation
Federal Express had a real estate portfolio of close to 98 million square feet, one of the largest portfolios of U.S. based corporations. The portfolio consisted of office space and call centers, distribution facilities, and retail locations.  While the company had an effective lease administration tool, it was having difficulty maintaining accurate and timely data which was impacting decision making capabilities. Further, without complete data, critical lease dates were being missed. Many locations were in holdover situations or on month-to-month leases.

Resolution
The scope of work included abstracting leases, transaction execution such as building sales and purchases and negotiating all lease renewals and relocations.  Site selection, financial modeling, lease and contract negotiations, and economic incentive procurement were part of the scope of services.  We helped Federal Express renew close to 100 leases in a six month period. Once the data had been entered and comprehensive information was available, we were able to help the company develop a real estate portfolio strategy and implementation plan. The team was retained to manage over 300 leases for all types of properties for half of the U.S.