NEEDHAM, Mass., March 16, 2010 (GLOBE NEWSWIRE) -- The Abbey Company, a real estate investment and management company that owns and manages over 6 million square feet of commercial property, is implementing Resolve Technology's software to enhance the company's portfolio and debt management and reporting capabilities.
"The joint ventures we have entered in the past several years have added a new dimension to our reporting requirements. We needed a software solution that would help us streamline the management and roll up the reporting across the wholly owned and joint venture assets in our portfolio," said Kevin Dillard, EVP/CFO for The Abbey Company. "Unlike other software products which try to address multiple types of users, Resolve's software is entirely focused on commercial real estate and the functionality we need to run our business."
"The ability of Resolve to integrate with legacy accounting and other systems such as Argus and Dyna is a great benefit to us," explained Dillard. "Being able to pull this information into Portfolio Maximizer, consolidate it with historical data, and add the 'what if' capabilities on top of it provides significant improvements in speed and accuracy over the cumbersome collection of spreadsheets we use today."
According to Dillard, the Resolve software will be used by company executives and accounting personnel to facilitate multiple functions, including waterfall and fee modeling, debt management, and portfolio reporting. "We expect Portfolio Maximizer to help us pull the information together and analyze it quicker than we were able to do in the past, which in turn will help us make better decisions related to the management of our assets and debt."
"The Abbey Company is a great example of a management team that understands the need for timely and comprehensive views of its entire portfolio in order to effectively manage real estate investments in today's complex and volatile environment," said Eric Forman, Resolve Technology's CEO. "We look forward to working with the company and providing its management with enhanced reporting and analytic capabilities."
To learn more about Resolve Portfolio Maximizer™ and Resolve Debt™, visit http://www.resolvetech.com.
About The Abbey Company
The Abbey Company is a real estate investment and management company, with headquarters in Long Beach, CA, that acquires and operates multi-tenant office, industrial, and retail properties. The company has a portfolio of over 6 million square feet of commercial property that it owns and manages in Southern California, with regional offices in Los Angeles, Orange, Riverside, San Bernardino, and San Diego Counties, and in Northern California with a regional office in Sacramento.
About Resolve Technology
Resolve Technology, a CoStar Group, Inc. (Nasdaq:CSGP) company helps institutional real estate investors and investment managers make timely and informed decisions that maximize returns and minimize risk. Resolve's solutions help ensure the timeliness, integrity, and visibility of investment information, enabling historical and forward-looking analysis to be performed with insight, confidence and speed that we believe cannot be achieved with the traditional manual, spreadsheet-intensive processes. Resolve's products are used by some of the world's leading advisory and investment management firms, REITs, and life insurance, pension fund, and banking institutions.Customers include Behringer Harvard, Glenborough, LaSalle Investment Management, Prudential Real Estate Investors, Principal Global Investors, and UBS. Founded in 1990, Resolve is a wholly owned subsidiary of CoStar Group, Inc., and is headquartered in Needham, Massachusetts. For more information, visit www.resolvetech.com.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information, marketing and analytic services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, CoStar has approximately 1,400 people working for the Company worldwide, including the largest professional research organization in the industry. For more information, visit http://www.costar.com.
All companies and products listed herein are trademarks or registered trademarks of their respective holders.
This news release includes "forward-looking statements" including, without limitation, statements regarding Resolve's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2009, under the heading "Risk Factors." In addition to these statements, there can be no assurance that Portfolio Maximizer will enable The Abbey Company to pull together and analyze its information quicker than it was able to do in the past and to make better decisions related to the management of its assets and debt. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.