by Brianna Crandall — August 7, 2020 — Building Engines, a Boston-based provider of modern building operations software for commercial real estate (CRE), is continuing to expand its robust partnership program in order to enable commercial real estate (CRE) owners and operators to seamlessly access critical technology at a time when building operations optimization is key for the reopening process. Building Engines has partnered with LinkSquares, an artificial intelligence (AI)-powered contract analytics and management solution, to help FMs keep track of their service contracts and maintain appropriate service levels as they gradually reopen their facilities.
As many buildings remain at lower occupancy but are preparing for more tenants to start reoccupying their office spaces, contract management is a major consideration for many owners and operators. Many leases and vendor contracts need to be renegotiated or, at least, reviewed due to myriad changes with state requirements and occupants’ needs. LinkSquares allows users to store and analyze existing contracts through AI-powered data extraction and search of agreements.
The software is designed to reduce the time and money spent on contract management by property and leasing teams by using automated data extraction of key dates and information as well as contract naming and organization. The solution also enables team members to write better contracts and finalize documents faster through full visibility into the review and approval chain, and pre-approved language.
As Vishal Sunak, CEO of LinkSquares, points out:
Building Engines’ customers handle a huge number of contracts and leases as part of the overall operations function, but managing and tracking this information is a time-consuming and often costly task. Contracts and leases are a foundational piece of CRE that have risks and implications across operations. This partnership is a natural extension of LinkSquares’ capabilities to turn these crucial and time-consuming tasks into an automated process extracting key renewal dates with the many other pieces in the building operations chain that Building Engines addresses with their customers.
Tim Curran, CEO of Building Engines, added:
At a time when teams need to evaluate many leases and vendor contracts that hold far-reaching implications across operations, the process of reviewing, updating and renegotiating terms can be time-consuming and costly. Through the LinkSquares Partner Program, its AI technology allows us to turn tedious tasks into an easy process that provides our customers with improved efficiency, cost savings and satisfaction.
The LinkSquares solution will be incorporated into the Building Engines platform.
Building Engines works to improve net operating income across successful commercial real estate portfolios worldwide by helping customers increase revenue, deliver the best occupant experience, and reduce operating costs using the company’s innovative building operations software platform. Founded in 2000 and headquartered in Boston, with offices in New York City and Scottsdale, Building Engines is developing, acquiring and partnering to address long-standing problems in building operations. Today, more than 850 customers — including Beacon Capital Partners, Cushman & Wakefield and SL Green — rely on Building Engines to manage critical operational needs across more than 2.5 billion square feet and 26,000 properties worldwide.
LinkSquares helps legal and finance teams work smarter and faster across the entire contract management lifecycle. Their AI-powered contract lifecycle management platform provides end-to-end support for contract drafting, versioning, and templating, as well as key insights and analytics into executed contracts. LinkSquares saves high-growth companies time and money by eliminating manual work and giving them full visibility into the entire contract processes.