Lease Compliance Experts:

The client is a retailer with more than 650 locations in 43 states across the U.S. and annual revenues of approximately $1.5 billion. Due to the highly competitive retail environment, the client is continuously working to improve its operating margin. In conjunction with this effort, the client's director of audit made a commitment to senior management to produce savings of $500,000 for occupancy expenses. Due to the number and complexity of the client's lease agreements, the client sought the expertise of Cadence, an expense management firm.

A comprehensive review of each of the client's leases and related payments to a large Real Estate Investment Trust (REIT) resulted in the identification of overcharges associated with Common Area Maintenance expenses. Cadence experts quickly identified the overcharges and assisted the client with the presentation, negotiation and settlement of these claims. The client recovered more than $300,000 associated with overcharges for Common Area Maintenance.

Cadence also performed a comprehensive audit of the additional locations with another REIT. A complete abstract of relevant lease provisions and a review of all payments made for these locations resulted in Cadence experts identifying more than $100,000 in overcharges. Several of the client's lease agreements provide for significant occupancy expense reductions that resulted in the client recovering more than $100,000 in occupancy expenses.

Cadence Network, Inc. was selected to help the client identify savings opportunities in their current lease agreements. Cadence developed and executed a customized plan for the client that resulted in savings exceeding the goal.