CBRE’s Workplace, Project Management and Advisory & Transaction Services teams collaborated in delivering new workplace
Los Angeles – March 3, 2017 – Representatives from CBRE Group, Inc. and Northwestern Mutual Los Angeles have announced the collaboration between the two companies on a 25,000 square foot lease in Downtown Los Angeles for Northwestern Mutual. The financial security company will move into the newly redesigned, “free-addressing” space on July 1, 2017. Northwestern Mutual Los Angeles is the first among its competitors in Los Angeles to engage in the free-addressing model as part of its larger strategy to better serve clients and effectively engage employees.CBRE’s Kevin Bender represented Northwestern Mutual Los Angeles in the 10-year lease, which will optimize the company’s current two-and-a-half floors to one full floor on the 34th level of the office tower at 515 South Flower Street.
Bender collaborated with CBRE’s Workplace and Project Management teams to help reinvent the space, conducting comprehensive research over a six-month period to provide recommendations on a more holistic workplace strategy for Northwestern Mutual Los Angeles. CBRE engaged directly with leadership and the financial advisors to aid in developing a plan that will create best-in-class client experience, as well as more technically advanced and collaborative workplaces for its employees. Through adoption of the free-address policy, in which all office space is unassigned, the revamp will result in a 38 percent reduction in overall
space, while enabling more than a 30 percent growth within the organization.
“This is a fantastic case study of how CBRE’s multitude of service lines can work together to bring about the best possible outcome for our clients,” said Mr. Bender. “Especially in situations where clients are considering a larger strategy and are looking at how to reconfigure and optimize their assets, CBRE’s capabilities are second to none.”
The office will feature a client experience center complete with a concierge, coffee bar, private meeting rooms and stunning views. Additionally, the space will feature a variety of workspaces for veteran advisors and new financial professionals to conduct focused work and collaborate more efficiently with their teams and each other.
Space to Grow
Northwestern Mutual’s new space will help it to grow and keep pace with high demand for comprehensive financial planning in Los Angeles. Northwestern Mutual’s 2016 Planning & Progress Study revealed that 85% of Americans feel financial anxiety today, and 36% say their anxiety has gone up in the last three years. More than a quarter of Americans (28%) worry about their finances every day.
“We’re in growth mode because we uniquely help people to grow and protect their wealth,” said Matthew Plocher, Managing Partner, Northwestern Mutual Los Angeles. “Fewer Californians have access to pensions or full confidence in Social Security, and we’re seeing more people searching for advice, an advisor and a plan.”
The new space will help to Northwestern Mutual Los Angeles to attract new talent and grow its
office. The firm seeks to add 30 financial advisors in 2017.
“This was a prime opportunity to reimagine our space and offer the best-possible experience
for our advisors and our clients,” said Plocher.
With talent at the forefront of workplace decision-making today, companies are increasingly focused on creating an environment where that talent can thrive, often measured by employee engagement, according to CBRE research. Key elements of a successful workplace include providing variety, choice, access and transparency, employing technology to increase flexibility, and incorporating features beyond what is common and expected.
“The fact that a 160-year-old financial consulting company is recognizing the benefits of workplace strategy is signalizing that ideas such as collaborative working environments and the concept of mobility aren’t limited to tech or media firms anymore,” said Jessica Ormandy, Chief Marketing Officer, Northwestern Mutual Los Angeles. “These concepts are starting to cut across all industries as companies are increasingly looking to differentiate themselves from their competition and attract the best talent.”
Adds Brittany Dodd, senior associate, Workplace, CBRE, “We are very excited about being part of the very beginning of change for this great organization. The possibilities are endless as companies embrace this important strategic change.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is
the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The
company has more than 75,000 employees (excluding affiliates), and serves real estate investors and
occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad
range of integrated services, including facilities, transaction and project management; property
management; investment management; appraisal and valuation; property leasing; strategic consulting;
property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160
years and opened its Downtown Los Angeles office in 1961. The company’s financial representatives
build relationships with clients through a distinctive planning approach that integrates risk management
with wealth accumulation, preservation and distribution. With more than $217 billion in assets, $26
billion in revenues and more than $1.5 trillion worth of life insurance protection in force, Northwestern
Mutual delivers financial security to more than 4.2 million people who rely on us for insurance and
investment solutions, including life, disability and long-term care insurance; annuities; trust services;
mutual funds; and investment advisory products and services. Please visit our website at
