CUSTOMERS ❯ NUVEEN
Nuveen is a leading investment management firm headquartered in downtown Chicago, IL. Nuveen has supported the financial futures of millions of investors for over 120 years. Under the leadership of TIAA, they invest in the growth of businesses, real estate, infrastructure, farmland and forests while building long-term relationships with clients from all over the globe.
New York, NY, June 13, 2023 – Nuveen Real Estate, one of the largest investment managers in the world with more than $153 billion of assets under management, announced it is onboarding an additional 10 million square feet of its life sciences and office portfolio onto Prophia, an AI lease abstraction and commercial real estate data management platform. By harnessing Prophia's concrete and accurate data, Nuveen can enhance CRE data management, surpassing competitors still reliant on outdated methods like spreadsheets stored on shared drives.
Dedicated to eliminating manually intensive lease abstractions and data accessibility processes, Prophia allows industry leaders to enhance their investment strategy with comprehensive, verifiable, and structured commercial portfolio data.
Initial Prophia Partnership & Expansion
"We rolled out Prophia in staggered stages, but we wanted to have a comprehensive view of all lease data points and a platform that facilitates easy navigation and reporting,” said Mark Meehan, Director, Office Sector, Nuveen Real Estate.
“Prophia excels in managing the complex data within contractual documents throughout the entire lease lifespan. While deal workflow is essential, we recognized Prophia’s unique qualification to handle data management beyond lease execution.”
- Mark Meehan, Director, Office Sector, Nuveen Real Estate
Nuveen embraced the adoption of Prophia's capabilities from the outset, starting with the successful integration of Millennium Tower, a 20-floor building encompassing over 200,000 square feet of rentable commercial and residential space in downtown Seattle. This steadfast partnership has since witnessed Nuveen onboarding several complex assets onto the platform, recognizing the critical importance of accurate and reliable portfolio data for informed decision-making.
Committed to Embracing Innovation
Nuveen's commitment to embracing innovation has positioned the firm for continued success in navigating market challenges and leveraging technology to its advantage. As office vacancy rates rise to 15% and the life science sector experiences continuous growth, Nuveen’s investment in Prophia's state-of-the-art tools ensures they remain at the forefront of the industry when sudden market changes occur.
Already Prophia has enabled Nuveen to assess risk in real-time, making informed decisions on behalf of investors and stakeholders when market volatility throws portfolio performance into a balancing act. Having this level of agility in business intelligence is all but required to safeguard firms against market changes and capital access.
Nuveen Transforms Their Business Intelligence With Prophia
Prophia even takes the business intelligence piece a step further, offering portfolio insight from a centralized, structured source that can be easily shared with teams and individuals making important business decisions, “Within Nuveen, it’s very important for us to have one true source of data across all the tools we use,” noted Mark Meehan as yet another reason the expansion onto Prophia made sense for the firm’s portfolio data management needs.
This ability to manage critical portfolio data from a single source is just another reason Prophia has such a stellar track record among its client base. Prophia has successfully doubled its customer base over a few short years, expanded its suite of patented technologies, all while maintaining 100% customer retention. Across over 1,800 locations, the technology has exceeded one million pages scanned, extracting key CRE concepts to distill and standardize portfolio data.
About Prophia
Prophia is the leading provider of AI technology for lease abstraction and CRE data management, bringing massive amounts of lease and tenant information together to empower CRE landlords with real-time data and portfolio insights. By tethering data directly from its source documents and making it available in easily digestible formats, Prophia gives building owners and investors a competitive advantage with a unique opportunity to mitigate risk, reveal business opportunities and elevate decision-making at the asset and portfolio level. Trusted to be the true data source for the nation’s top CRE investors, Prophia integrates seamlessly into corporate ecosystems with direct integrations with Yardi and MRI.
