Following 18 months of frustrating inactivity and faced with the prospect of writing off millions of dollars on vacant, redundant office space in the heart of London’s financial district, Wachovia turned to ITRA Pittsburgh for help.
Recognizing ITRA’s unique global real estate capabilities, Wachovia’s corporate real estate department invited Carrie Holstead of ITRA Pittsburgh to resolve a critical real estate problem in London. Disposing of vacant space would be watched carefully by the entire corporate real estate department of Wachovia, due to the high stakes. 
Prior to this assignment, Wachovia’s corporate real estate department had worked successfully with Carrie to consolidate two flagship offices in Pittsburgh following their acquisition of Prudential Securities, among other projects. 
As with previous assignments, Carrie was the single point of contact for Wachovia. For this project, however, Carrie immediately contacted Martin Levy, ITRA’s London partner, and together they carried out a detailed analysis of Wachovia’s residual liabilities, reviewed their lease and service charges, established primary relationships with Nomura International (Wachovia’s superior Landlord) and created a refurbishment program and marketing strategy. With less than 3 years remaining in the lease term and no certainty of renewal, this was a high risk assignment with rewards geared exclusively to success. 
Due to a seamlessly managed project by both ITRA offices, Carrie and Martin generated strong levels of competitive interest with the ultimate objective achieved – an executed sublease with Colemont Insurance Brokers. In the end, Carrie and Martin were thanked by Wachovia for successfully recovering nearly 70% of their residual costs.