Problem

This Fortune 500 healthcare company with more than 2,400 outpatient centers in the US required a greater emphasis on lease management for their entire real estate portfolio to ensure strategic support of their three-year expansion plan and needed to open their new clinic locations as quickly as possible to secure revenue.

To do so, they required visibility into all critical real estate information to make better business decisions, track progress against strategic goals and improve collaboration across the company’s various divisions.

Solution

The CoStar Real Estate Manager Implementation team migrated data that had previously been supported in four other systems, including 2,700 leases and 600 projects. CoStar Real Estate Manager already contained the capabilities of all four, reducing internal support costs and improving collaborations and visibility. Additionally, the implementation team established four integrations between CoStar Real Estate Manager and the customer’s account system, going beyond the standard accounts payable.  While system implementation was in full swing, CoStar Real Estate Manager’s Lease Data Services team began abstracting approximately 2,700 leases into the software system in September 2013 and was completed by year-end.  As a result of the lack of a centralized location for lease information, an initial lease audit conducted by CoStar Real Estate Manager revealed over 1,400 discrepancies in lease data.

Results

With software implementation completed in only four months, CoStar Real Estate Manager supports the customer’s aggressive growth plans by eliminating information silos to enable close collaboration across the company’s ten regional operations teams. The lease audit by CoStar Real Estate Manager enabled the customer to incur substantial savings from discrepancy resolutions. Final delivery of the project was made on February 15, 2015 ahead of schedule, including complete quality control review and the final discrepancy report. The customer is delighted with the quantity and quality of work from the CoStar Real Estate Manager lease services team and is especially pleased with the team’s positive impact on their processes and ownership of data.