VERISIGN

COMPANY SYNOPSIS

VeriSign is a publicly traded software security company providing SSL Certificates, providing customers with the assurance that they are safe from search, to browse, to buy, to sign-in. VeriSign is headquartered in Dulles, Virginia.

BUSINESS QUESTION

VeriSign had a complicated real estate portfolio that lacked an effective system to manage lease documents and information. Initially, VeriSign was embarking on a plan to divest of some business units, with a need to divest of excess real estate.  Following this project, VeriSign had a major operation and lease commitment in Dulles Virginia with an opportunity to take advantage of favorable market conditions through a lease termination.

APPLIED BUSINESS APPROACH

Portfolio Review - T3’s Corporate Solutions Group was hired by VeriSign to conduct a review of its portfolio, and to recommend a lease management system and process. T3 successfully reviewed various lease management systems for VeriSign; and helped company select a system. T3 then implemented the system, reviewing each lease in the portfolio and entering relevant lease data. It was through this process that T3 was able to uncover multiple cost savings opportunities. Following the portfolio review, T3 embarked on implementing a real estate cost cutting and disposition strategy for VeriSign. Identifying the efficiencies that came with a smaller worldwide footprint, the goal was set to reduce the portfolio size by 30% within one year. Together T3 and VeriSign were able to achieve this goal and create huge savings to the company in operations expenses.

Headquarters Relocation -  In 2010 T3 worked closely with VeriSign management on a major market study in the Washington DC area.  T3 selected a site a local real estate partner, and negotiated a complex 230,000 sf 15 year lease (approx $105,000,000 value).  This creative deal will allow VeriSign to occupy at below market pricing.

“I have had the opportunity to work with T3 Advisors team going back to my earliest days at Macromedia and more recently at VeriSign. As a real estate services provider, the T3 team is always focused on what makes sense for the client. They understand corporate occupancy and the drivers that underlay the decisions we make. I have found their advice extremely valuable. Their diligence in getting transactions complete while meeting my expectations has been perfect. For me, Roy and the entire T3 Advisors team are trusted partners. I highly recommend them for any real estate service or consulting need.”

~Jim Morgensen, Vice President, Workplace Resources Group, VeriSign