New York-based real estate investment trust anticipates improved reporting and streamlined common area maintenance reconciliations
SANTA BARBARA, CALIF., Aug. 13, 2013– Yardi announced today that commercial property real estate investment trust (REIT) Gramercy Property Trust Inc. will use Yardi Voyager® as a key element of its new business strategy.
Gramercy concluded that it needed a new property management and accounting platform after electing to modify its business model from a hybrid of real estate investment and lending to a pure-play, net lease REIT in 2012. Early in 2013, as Gramercy prepared to execute the change, the company sought a platform that could simplify its business processes and provide new capabilities.
“We believe Voyager will provide senior managers with the type of real-time reporting information that they didn’t have previously,” said Jon W. Clark, chief financial officer for Gramercy. “We also anticipate automating operations that are vital to our property management, such as common area maintenance reconciliations and billing that we used to complete manually.”
Mr. Clark added, “We’re excited about the product. Voyager is an important step as we change our company’s direction.”
“Yardi is delighted that Gramercy selected Voyager as the technology platform best suited to help the company refine its business focus,” said Richard Malpica, vice president and general manager, Eastern region, for Yardi. “Voyager will help Gramercy provide superior services to its tenants and investors.”
About Gramercy Property Trust Inc.
Gramercy Property Trust Inc. (NYSE:GPT) is a self-managed, integrated commercial real estate investment and asset management company. The company owns, directly or in joint ventures, 106 buildings totaling approximately 4 million square feet of office and 1.8 million square feet of industrial space, net leased on a long-term basis to tenants, including Bank of America, Nestlé Waters, Philips Electronics and others. The company’s property management business, operating under the name Gramercy Asset Management, currently manages for third-parties, approximately $1.9 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. The company is headquartered in New York City and has regional offices in Jenkintown, Pa., and St. Louis. For more information, please visit www.gptreit.com.
Now in its fourth decade, Yardi® is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Commercial Suite™, Yardi Multifamily Suite™, Yardi Investment Suite™ and Yardi Orion™ Business Intelligence, the Yardi Voyager® platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East. For more information, visit www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, 1255