Leading Commercial Property Owners Form Office Technology Consortium

06/06/2000 Category: Miscellaneous

Thirteen Company Organization will Use Internet to Increase Value for Tenants

New York, NY--June 6, 2000--Thirteen of North America's leading commercial property companies today announced they have signed an agreement to establish Office Technology Consortium, an industry organization aimed at capitalizing on the collective scale of their operations and on Internet enabled technologies to improve business processes, drive tenant value and strive to improve industry service standards.

Office Technology Consortium founding members include Boston Properties, Brookfield Properties Corporation, CarrAmerica Realty Corporation, Crescent Real Estate Equities Company, Duke-Weeks Realty Corporation, Highwoods Realty Limited Partnership, Hines, Mack-Cali Realty Corporation, Oxford Properties Group, Prentiss Properties Trust, Shorenstein Company, TrizecHahn Office Properties and Vornado Realty Trust. Combined, the member companies of Office Technology Consortium own or manage over 400 million square feet of premier office space in North America.

On-line Leasing and Procurement Exchanges Leverage Scale and Knowledge to Customer Benefit Office Technology Consortium is the first group of its kind to focus specifically on increasing value for office property tenants. Initially the Consortium will concentrate on two key initiatives. The first will be an extensive on-line Landlord Procurement Exchange designed to lower landlord and tenant operating costs and increase rental value. The second will be an on-line Leasing Exchange that will enable customers to make faster, more informed decisions regarding leasing of office space. In the future, Office Technology Consortium will also serve as a forum for the exchange of ideas amongst industry stakeholders.

Ray Weeks, Vice Chair of Duke-Weeks Realty Corporation, has been named Chair of Office Technology Consortium. Each member company is represented on the organization's Board of Directors and a five person Executive Committee has been established. The consortium has retained Jones, Day, Reavis & Pogue as legal counsel.

"This industry group comes together around a shared desire to be leaders in customer service, and in turn increase value for our customers and other shareholders," Mr. Weeks stated. Adding, "we recognize the best way to do this in today's economy is to work together to explore efficiency-enhancing Internet enabled technologies and increase access to ideas. We are looking for broad participation to create industry standards and believe this will allow us to not only add value today but also continue to find innovative ways to improve effectiveness in the future for all parties, including our tenants, our suppliers and our respective shareholders."