Property Management

SUCCESS STORIES

RXR Realty Corp.

RXR Realty Corp of Uniondale, NY, is familiar with transition. When the firm first became an IBS user in 1982, it operated as privately held Reckson Associates. The firm went public as Reckson Associates Realty Corp, a publicly traded REIT, in 1995. In 2007, it became a private entity once again under its current name.

Today, RXR is known and well respected as one of the New York Tri-State area’s premier real estate operating companies. Its nearly $3.5 billion in assets include approximately 75 properties totaling millions of square feet of office, hotel and residential space in New York, New Jersey and Connecticut.

According to Tom Carey, RXR’s Executive Vice President and Corporate Controller, making the switch to the web-based version of the IBS system, was a logical step for his firm. “IBS was with us through each of our transitions, and based on our history and relationship we were committed to staying with the company through its own evolution,” he said. “When you are a growing company like ours, it is hard not to embrace something as dynamic as this system. It is where technology is going.”

For RXR’s accounting group, the new system has made a hugely positive impact on efficiency, according to Diane Marra, Senior Property Accountant. “It is easy to create work papers, modify general ledger journal entries and look up historical information,” she noted. “The new system streamlines so much of our activity. It makes life a lot easier.”

Vornado Realty Trust

IBS’ development of its web-based system opened doors to new levels of functionality, and today the firm partners with system users, like Vornado Realty Trust of Paramus, N.J., to leverage this potential. This includes revamping key features to strengthen capabilities and improve efficiencies.

IBS and Vornado, one of the country’s largest real estate investment trusts, completed a custom redevelopment of the IBS system’s lease abstract feature. “As technology consumers, we have become accustomed to being able to insert copy, cut-and-paste and create attractive reports as basic functions of most programs we use,” noted David Perl, Vice President of Lease Administration at Vornado. “And while the IBS system always has been reliable in terms of data integrity, the abstract function was utilitarian.”

IBS redesigned the feature to capture information on customized pages. “Now, users can choose what sections they want to include in their abstracts and define the fields on each page,” explained Vornado’s Diana English, who was instrumental in the development and training process. “Through a series of startup utilities, we can then configure the pages accordingly, adding drop-down lists, text boxes, yes/no options and other navigation tools.”

David noted that the feature’s reporting flexibility is critically important for Vornado. “We are an information-hungry company, and we have many different groups that need to access information captured in our tenant data base,” he said. “What this project has done is take us from a Model T Ford to top-of-class Lexus in a single step. It has every modern capability we could imagine.”