Breakthrough in Office Building Management Backed by Commercial Real Estate Giants

09/20/2000 Category: Miscellaneous

New Web-Based Platform Will Lead to Paperless Workflow

SAN FRANCISCO and NEW YORK, September 20, 2000 -- Backed by nearly a dozen of the commercial real estate industry's most prominent companies, Workspeed, Inc. today launched service providing office building owners, managers, tenants and vendors with a web-based platform for streamlining building management workflow and eliminating paperwork. Workspeed's partners represent over 400 million square feet of office space and include Apollo Real Estate Advisors, LLC, Archon Group, LP, Insignia Financial Group (NYSE:IFS), Jack Resnick & Sons, Lawrence Ruben Company, Inc., Mack-Cali Realty Corporation (NYSE:CLI), Newmark & Company, Shorenstein Company LP, Starwood Capital Group, Williams Real Estate Co., Inc., and Vornado Realty Trust (NYSE:VNO).

Financial backing also has been provided by Partech International, a San Francisco-based venture capital firm, Peregrine Systems, Inc. (NASDAQ:PRGN), a major provider of packaged infrastructure management application software, and the Company's individual founders. Workspeed begins service immediately at three commercial office buildings -- 600 California Street in San Francisco and 1 Dag Hammarskjold Place and 600 Madison Avenue in New York City. Service will be phased in at more selected properties throughout the United States and overseas beginning next month.

Workspeed's "collaboration platform" provides all participants in the operation of a commercial building with an integrated on-line tool for property-related communication. The application service provider (ASP) delivers improved tenant service, greater efficiency, increased property revenue and collections, reduced expenses, and a useful and transparent database of property operating information. Workspeed initially will be used to initiate, authorize, dispatch and track maintenance requests, schedule shared building resources, request additional landlord or vendor services and provide all users with access to a common data source for property information. Owners and managers will be able to sort and analyze property operating information for an individual building or across a portfolio of properties. The Company will develop new applications regularly. The Company was founded by Richard Ruben and Gilles Queru. Mr. Ruben, who serves as Chairman, has been in the real estate business for nearly 20 years, and is President of Lawrence Ruben Company, a leading New York-based real estate developer, investor and manager. Mr. Queru, Workspeed's CEO, was founder and CEO of Apsylog, Inc., an international software company, before it was acquired by Peregrine Systems, Inc. At Peregrine, he was responsible for corporate development and strategic planning, and completed and integrated a wide range of strategic acquisitions.

Mr. Ruben said, "For a number of years, the real estate industry has recognized that technology offered the promise of making building management more efficient and cost-effective. There have been incremental advances, but now Workspeed represents a true breakthrough."

He added, "The tremendous reception we've received so far is a direct reflection of the fact that this is an initiative developed by knowlegable real estate people for the real estate industry." Mr. Queru said, "We are well positioned to extend our current market leadership from the properties represented by our strategic investors to the entire U.S. market. In addition, we will seek to establish our presence around the world -- initially in Europe and then in Asia."

Richard Mack, of Apollo Real Estate Advisors, commented, "Workspeed meets the objective of enabling all the disparate parties involved in a real estate project to communicate in a seamless manner — it's the best such internet-based application service platform I've seen." Mitchell Hersh, CEO of Mack-Cali Realty Corporation, said, "Our tenants are the lifeblood of our commercial real estate property investments. If we can serve them better by streamlining our property management process, while at the same time making our jobs easier, there is no question that we should do so. We are really looking forward to using Workspeed in our buildings." Workspeed, which is based in San Francisco and has offices in New York and Paris, has more than 60 employees. More information is available at