Jun. 21, 2017 / PRZen / NEW YORK — Workspace Property deploys Counselytics technology for lease abstraction to standardize lease administration data across its portfolio
New York: June 19, 2017: Workspace Property Trust (“WPT”) www.workspaceproperty.com, a real estate investment firm led by longtime successful industry veterans Thomas Rizk and Roger Thomas, deployed the Counselytics solution to perform the diligence for it latest acquisition.
The Counselytics solution uses artificial intelligence to identify, analyse and extract key data points form lease documents such as expiration dates, rent roll, termination options, etc. It includes integrated machine learning models that can analyze a lease regardless of format with a high degree of accuracy greatly increasing the efficiency of a lease abstraction producing huge cost savings. In addition, through the use of its technology, Counselytics can abstract over a hundred leases in 24 hours with unprecedented accuracy – a much quicker turnaround than other solutions in the marketplace.
Although several technologies purport to identify and tag terms within leases, Counselytics is the gold standard within the real estate industry due to its ability to abstract all varieties and formats of leases with a very high accuracy.
As Mr. Mike Gervasio (SVP of Workspace Property) validated:
“Counselytics is a groundbreaking technology. They provide an innovative and seamless solution for lease analysis and management. Documents are at the heart of our business, and we trust Counselytics to help us find and organize the most important details inside of them.”
“We are thrilled to partner with Workspace; they are a leading player in the suburban office market, and the team gets it, so to speak, when it comes to technology. By strictly enforcing taxonomies, standardizing and structuring data, and eliminating rote, manual processes, we will provide all the capabilities Mike and his team need to continue to scale their business while having the right information available at the right time,” said Jason Gabbard, founder and CEO of Counselytics.
While lagging when compared to other industries, the commercial real estate industry has recently witnessed a shift on the technological front, with the industry beginning to adopt new technology to find ways to manage critical data, save costs and maximize revenue opportunities. Workspace Property Trust is at the vanguard of this movement through its use of the Counselytics solution.
About Workspace Property Trust
Workspace Property Trust is a privately held, vertically integrated, full service commercial real estate company specializing in the development, management, and operation of office and flex space. Workspace Property Trust is a partnership among Rizk Ventures, Safanad, Square Mile Capital, Forum Partners, JMP Group, and EverWatch Capital.
Counselytics is a leading contract analytics company founded in 2012. Counselytics uses proprietary artificial intelligence technology, to extract data from contracts, bringing unprecedented efficiency to contract management, due diligence and lease abstraction.
Source: Digital Journal