KeyBank Cleveland Campus Restack – Key Tower.
In 2010, with Vocon as their strategic analysis partner, KeyBank began a series of restack and renovation initiatives that positioned KeyBank to look at optimizing occupancy at their owned facilities, ultimately providing them with an opportunity to renegotiate an early lease renewal at Key Tower for a lower square footage, resulting in significant cost savings.
This complex project featured the redesign of multiple floors and the relocation of employees across three locations – the Tiedeman Operations Facility consisting of 2 buildings owned by KeyBank; the historic Higbee Building where KeyBank is an anchor tenant occupying 3 full floors; and Key Tower where they remain an anchor tenant even at their reduced final occupancy of 14 floors.
For Key Tower, completed in May 2015, Vocon has designed for the renovation of several floors as KeyBank consolidates its occupancy from 22 to 14 floors. An important feature of this space is a “mobile zone” to provide workspace at Key Tower for those visiting from other KeyBank facilities. Vocon also established a client-facing reception area on a new floor to facilitate the consolidation of space. Through planning efficiencies, increased adoption of mobility and the ability to relocate a higher number of employees from Key Tower than originally anticipated, the final outcome of the restack and renovation at Key Tower has resulted in the ability to not only shed the 8 floors required per the new lease, but 1 additional floor that is now vacant upon the completion of the project.
By integrating a mobility plan with progressive workplace strategies, Vocon enabled KeyBank to reduce vacancies by 10%, transform corporate culture and reduce the average square footage per person. The aggressive and comprehensive approach by the team is also brought the overall Project to completion 2 months ahead of schedule and $4 million under budget.
Upon Project completion, KeyBank has realized a reduction in its overall Cleveland HQ Campus footprint of approximately 200,000 SF which will contribute to a total of $5 million in savings per year, over the life of their new lease.