Savills Studley, the global commercial real estate advisory firm, has partnered with Germany-based legal AI and prop tech company Leverton to augment its lease administration and portfolio planning capability.
Leverton will combine its AI-powered data extraction technology with Savills Studley’s own Knowledge3 system, the firm’s portfolio analysis technology designed for global real estate occupiers.
In terms of what this will achieve, the company said that a client can now input PDFs of leases and amendments into the Leverton’s integration with Knowledge3, which then recognises, structures and stores key property metrics.
Compared to manual data entry and structuring, this reduces the duration of the analysis process by approximately 30%, they said. Knowledge3’s analytical frameworks can also translate the data into visualizations that provide occupiers with a snapshot of an organisation’s corporate real estate holdings, said the AI company.
Leverton has long had a strategy of partnering with other companies and firms, from groups of specialist accountants, to giant tech companies such as SAP. It has also maintained a joint focus on law and real estate, as the two areas continually overlap.
Overall, this seems like a useful combination of capabilities, bringing NLP analysis to a database of lease information provided to the real estate company, in short adding data crunching to data collection.
Patrick McGrath, Chief Information Officer and Head of Client Technologies, Savills Studley, said: ‘The time saved in obtaining robust real estate intelligence enables portfolio managers to fast forward to driving strategy, identifying value and strengthening decision making. For Savills Studley, this tool enables us to skip ahead to the consulting side of what we do.’
I.e. automation of this data process work allows the real estate company’s consultants to focus on higher value advisory work, just as it does with lawyers.
Abhinav Somani, CEO of Leverton, concluded: ‘The dynamic capabilities of the Knowledge3 platform will allow our end customers to efficiently visualise and analyse the vast amounts of data that is inside their corporate and legal real estate documents. We’re looking forward to building on the work we’ve started with them and providing even more insights to our global client base.’
Savills Studley has 31 offices in the US and Canada, and is part of the London-headquartered Savills plc, while Leverton has been on a growth spurt too and now has offices in New York, Dallas, London, and Berlin.