PROPERTY MANAGEMENT SUCCESS STORY

RXR REALTY CORP

RXR Realty Corp (RXR) 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 IBS 10.0i, the company’s new web-based 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,” Tom added. “It is where technology is going. While the IBS Classic Blue system is robust, it has become dated in terms of flexibility. 10.0i has been a great benefit to us.”

RXR’s IBS 10.0i roll out took place in December 2007. “The IBS team set forth a timetable to prep the equipment and came to install it on the day they said they would,” Tom noted. “We incurred very little – if any – downtime during the conversion process. One of the nice things was that we still were able to access the Classic Blue while we trained on the web interface.”

Gerrie DiMaio, RXR’s Accounts Receivable Manager, agreed. “The training was fantastic,” she said. “There was no real impact on us completing our work. Right away, we were able to go through the front page to utilize the system. The whole thing was fairly seamless.”

For RXR’s accounting group, the new system has made a hugely positive impact on efficiency, according to Diane Marra, RXR’s Senior Property Accountant. “Before IBS 10.0i, if we wanted to send a report to someone, we essentially had to produce the information through the old system and then retype the information into Excel so that it would be presentable,” she said. “Now we can download the reports directly into Excel.”

“It is easy to create work papers, modify general ledger journal entries and look up historical information,” Diane added. “The new system streamlines so much of our activity into a simple point, click and drill down format. It makes life a lot easier.”

Gerrie sees similar benefits for her team. “The Excel portion is fantastic when we are working with tenants – we can pull up and email their account history in seconds,” she said. “The stacking reports are excellent when it comes to reviewing the history or a particular space. Everything is just a click away. The entire process is faster, cleaner and just better.”

“Any issues that have arisen as a result of the new system have been dealt with efficiently and effectively,” Tom added. “Like we would expect with any brand-new product, we have encountered a few bugs,” he said. “IBS has been proactive in helping us troubleshoot those issues. As always, the company’s customer service reps are responsive and work hard to help us through. I already have recommended IBS 10.0i to other companies and certainly will continue to do so.”