January 24, 2020
Completed in March 2001, LEED Gold and Energy Star Certified Millennium Tower is one of the first new buildings of the new millennium in Seattle. The 201,322 rentable SF are comprised of 20 floors - 6 residential, including a HOA, and 14 commercial.
Owned by Nuveen Real Estate and managed by CBRE, the building is a unique and complex downtown presence as one of the few mixed use structures in the area.
Prophia Results Summary: easy, convenient, powerful document management
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Smart Search Use the universal search feature to find lease information fast
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Mobile Optimized Access important business metrics and details on the road
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Document Storage Store important documents in the cloud, and access them from anywhere at anytime
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Data Security Multi-tenant platform data centers are designed to secure and protect your most important data with encryption in transit and at rest
Challenge: Need for unencumbered information access
Millennium Tower has many lease intricacies with retail, commercial, residential, and HOA entities all under one roof. As example, while 72% of the building is commercial, the loading doc freight elevator and exterior sidewalls are shared between commercial and residential leases. Every month, edits and changes to rents have to be monitored so charges on rent statements are accurate and up to date.
The complexity of managing and tracking all of the information and document details was an immense challenge for CBRE. Before Prophia, a lot of time was spent with “CTRL+F” as Calvin Bright, Associate Real Estate Manager put it. Finding and verifying the intricate details of every tenant was a daunting task.
Solution: Prophia’s Native Cloud Application
Leases are detailed, inherently confusing documents. In addition, The Millennium Tower has multiple ownership entities. Given the intricacy and volume of information, even essential processes like lease management, activity tracking, rent edits, and encumbrance management are difficult to manage.
With Prophia’s Data Management Platform, details for every tenant - like rent steps, security step down clauses, exclusions and others - are front and center. As a result, lease enforcement is simplified and accuracy is improved. For instance, CBRE uses Prophia’s encumbrance schedules to compare to their own in order to verify their information on The Millennium Tower. Rent bumps are also easy to verify and it’s quick and simple to dive into the lease itself for more context.
With data at their finger tips, CBRE uses Prophia to save time and money, increase productivity, and make their customers and residents happier at Millennium Tower.
Prophia allows us to focus on all the elaborate details of each lease so we can stay on top of information, make tenants happy, and track the accuracy of our financials.
Calvin Bright, Associate Real Estate Manager, CBRE
With the Prophia Platform, CRE companies like CBRE can obtain data directly from its source, break the dependence of important insights on metadata, and create intelligent, integrated capabilities that minimize human intervention, thereby improving both speed and accuracy of their vital lease information.
By extracting BI-ready data directly from its sources and making it available in easily digestible formats, Prophia gives building owners, CRE service providers and investors a competitive advantage with a unique opportunity to mitigate risk, reveal business opportunities and elevate decision-making across individual assets, markets and entire portfolios