WorkplaceIQ Develops Exchange "Platform"
for Octane Ventures

The Question Man... What is Project Octane? What is Octane Ventures? What is WorkplaceIQ? These questions were at the top of my mind as I met recently with John Fleming and John Brewer in their WorkplaceIQ office in Boston. So here's the scoop. WorkplaceIQ develops real estate portfolio management software, including tools for occupancy management, financial management and building operations. Informally, four service providers -- CB Richard Ellis, Insignia, Jones Lang LaSalle and Trammell Crow -- using the Project Octane moniker each invested in WorkplaceIQ in June of 2001, joining other investors in funding a total of $13 million.

Jones Lang LaSalle and Trammell Crow are substantial users of WorkplaceIQ and have implemented it in the management of Fortune 500 portfolios. But WorkplaceIQ actively markets its products directly to any corporate tenant, service provider or owner. The value proposition, of course, is that by digitizing the real estate transaction and management process, these firms will achieve savings in money, time and efficiencies. The software cost for a five-person firm is roughly $25,000 with a yearly maintenance fee and hosting fee, if WorkplaceIQ maintains the software on its server.

Octane Ventures is now a formal entity owned by the four Project Octane members. And Octane Ventures has retained WorkplaceIQ to develop a "comprehensive transaction platform for commercial real estate industry. ... The Octane exchange will provide an industry knowledge base that aggregates and integrates real estate information, promotes best practices, and fosters tenant, landlord and broker collaboration on a new level." Hmm. What the heck does that mean? Where will the data come from? How much will access cost? Who pays? Search me. But we should find out soon with release scheduled for the first half of 2002.

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--Peter Pike