The Benenson Capital Company Taps Asset Management Technologies to Abstract 400 Leases

The Benenson Capital Company Taps Asset Management Technologies to Abstract 400 Leases

Business Editors, High Tech Writers

CHARLOTTE, N.C.–(BUSINESS WIRE)–July 24, 2001

The Benenson Capital Company, one of the nation’s oldest and most active privately-held real estate investment, development, ownership and management companies, has selected Asset Management Technologies Inc. (AMT) to abstract and data image approximately 400 lease and mortgage files for the New York City-based company.

The project will be completed in less than a month.

This is AMT’s fourth major lease abstraction win this year and its second in New York, following a major project, with New Plan Excel Realty Trust. So far this year, AMT has abstracted, audited and converted approximately 11,000 lease and mortgage records for its clients.

“The Benenson Capital Company is quality-minded, with a keen focus on working with the newest technology and the finest service providers to create the most value from its assets,” said Richard A. Kessler, Benenson Capital Company’s Chief Operating Officer. “We clear the market to find the best service partners for our assets and the improved efficiency of our asset management business. AMT is one example of our meticulous audit process.”

“We chose AMT because they seem to be very thorough and committed to meeting deadlines without sacrificing the quality of the work, and because their staff is highly qualified,” said Anthony Margiotta, Assistant Controller for Benenson. “They don’t have any lower-level people doing any of the abstracting, unlike most of the other companies we interviewed. They’re all qualified paralegals, CPAs and attorneys. And, just by their suggestions and recommendations, they really impressed us.”

Margiotta said AMT’s experience with MRI, Benenson’s new accounting system, also was a plus. “They know MRI like the back of their hands, and their software systems feed very nicely into MRI, so we shouldn’t have any data transfer problems,” he said.

AMT will use its proprietary relational database software, AMTprolease, to export and fully abstract and validate Benenson’s property, lease and mortgage portfolio. Once AMT has added, validated and audited the data, it will be re-imported to MRI electronically. AMT also is imaging all of the lease and mortgage files for Benenson, and will provide ongoing outsourced abstraction and imaging services for all new leases, amendments and mortgage agreements as they are executed.

“AMTprolease is a Windows-based lease administration system that provides an electronic platform for importing critical lease information from a variety of sources, manipulating it, verifying it back to the lease document and mapping it back to a wide variety of corporate accounting systems,” said Scott Schubert, co-founder, President and CEO of AMT. “It allows us to abstract more leases more quickly and more accurately than virtually anyone in the industry.”

AMTprolease also is the foundation for AMT’s new Web-based lease administration and document management solution, AMTdirect. AMTdirect stores all of a company’s property, suite and lease information in a secure online vault that can be accessed by any authorized user at any time from anywhere using a simple Internet connection and Web browser.

Clients pay a small monthly fee for each lease stored on the system. Clients may give access to as many users as they like at no additional charge. This approach makes sophisticated digital lease administration and advanced document management capabilities available to all, regardless of size, because it requires no in-house IT staff to operate and no upfront investment in software licenses.

AMTdirect automates the manual lease abstraction process, seamlessly integrating data with other related systems, including accounting and forecasting. By combining sophisticated patent-pending document management capabilities with a powerful relational database, AMTdirect makes it possible for clients to access any clause in any lease stored in their online vault with as few as five mouse clicks.

AMT also offers a range of commercial real estate consulting services, including financial real estate consulting, due diligence, data imaging, data conversion and accounting system conversion services, making it a leader in turnkey lease administration solutions. For more information on Asset Management Technologies’ services and solutions, visit our web site at www.amtdirect.com or contact James Roberts at 704.896.3118, x15, or by e-mail at jroberts@amtdirect.com

The Benenson Capital Company, founded in 1905 by Benjamin Benenson, is known as a long-term, opportunistic real estate owner, investor, manager and developer of real estate throughout the United States, Canada and Europe. The Benenson Capital Company’s holdings include retail sites, shopping centers, office buildings, corporate headquarters, research and development facilities, warehouse and distribution facilities, light industrial space, hotels, residential and senior housing facilities. The 200-plus-asset portfolio has been enhanced through the integration of active development and redevelopment programs. The Benenson Capital Company has joint ventured with many of the leaders in the real estate field and has tenants comprised of numerous Fortune 500 companies.

COPYRIGHT 2001 Business Wire

COPYRIGHT 2001 Gale Group