Workspeed Leads Industry in Sales and Implementation of Commercial Real Estate Collaboration...

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--May 23, 2001

Company has Signed 300 Million Square Feet of Commercial

Office Space, Implemented Product in Over 15 Million Square Feet

Workspeed, Inc., the leading provider of Internet and wireless collaborative

applications for commercial real estate, today announced that it has achieved unprecedented market penetration of its first product, Workspeed Building. As of today, 16 real estate owners representing 300 million square feet of prime commercial office space in the United States and Europe have become customers. In addition, since the launch of Version 1.0 in February, the product has been implemented in more than 15 million square feet of office buildings in cities throughout the United States, including Boston, Dallas, Los Angeles, New York, San Francisco, Seattle and Washington, D.C.

Workspeed Building harnesses the power of the Internet and wireless technologies to allow individuals from different organizations -- real estate owners, property managers, building engineers, tenants and vendors -- to work together in real-time while requesting and delivering building services. Workspeed Building increases tenant satisfaction, reduces operating expenses and increases revenue for real estate owners.

"Today's announcement of our sales and implementation success underscores the market's endorsement of Workspeed as the de facto standard for Internet-based service request management," said Richard Ruben, Co-founder and Chairman of Workspeed, Inc. "We have built the best product available, delivered it to a critical mass of leading real estate companies and continue to market it aggressively with significant industry support behind us."

Workspeed's top-tier customer list includes: Apollo Real Estate Advisors, LLC, Archon Group, L.P., Brookfield Properties US, Inc., GVA Williams Real Estate Co., Inc., The JBG Companies, Mack-Cali Realty Corporation, Jack Resnick & Sons, Inc., Starwood Capital Group and Vornado Realty Trust.

"Since implementing Workspeed Building, we have seen a marked increase in the responsiveness and productivity of our property management team," said Scott Resnick, President of Jack Resnick & Sons, Inc. "These improvements translate to hard dollar savings. Our tenants have cited improved management responsiveness and strongly prefer Workspeed Building to phone, paper and fax as a means of communication with property staff. We embrace solutions that enhance our customer service and give us an opportunity to minimize the costs associated with tenant turnover."

Workspeed was founded to address a prevalent problem: existing manual service request management processes are highly inefficient and fragmented, resulting in poor customer service, inefficient operations, unbilled services and a lack of solid operating data. These inefficiencies create a critical need and opportunity for the introduction of new technologies into the process of requesting and delivering services in commercial office buildings.

Workspeed Building handles the broad range of service request types that arise day-to-day in the office workplace, including lighting, comfort, cleaning, plumbing, and reservations for such shared resources as freight elevators and conference facilities. Unlike other commercial workflow systems that simply move information and documents through a linear approval process, the business logic embedded in Workspeed's proprietary workflow engine enables the application to make intelligent decisions automatically and dynamically about how, where and to whom each service request should be routed. Workspeed's seamless integration of Web and wireless technologies ensures quick, accurate communication anywhere, anytime and supports automatic updates to the system for a complete solution covering the full lifecycle of a service request.

About Workspeed

Workspeed is the leading worldwide provider of Web-based and wireless collaborative solutions that revolutionize the way that services are requested, managed and delivered in commercial buildings. Today, the Company's customers represent 300 million square feet of prime commercial office space throughout the United States and Europe. Since the launch of Version 1.0 in February 2001, Workspeed Building has been successfully implemented in over 15 million square feet of commercial buildings in major cities throughout the United States. Workspeed was founded in 1999 by leading real estate and technology executives and is backed by investors from such blue chip companies as: Apollo Real Estate Advisors, LLC, Archon Group, L.P., GVA Williams Real Estate Co., Inc., Insignia Financial Group, Mack-Cali Realty Corporation, Newmark & Company Real Estate, Inc., Shorenstein Company, LP, Starwood Capital Group, Vornado Realty Trust, Partech International and Peregrine Systems, Inc. Workspeed is headquartered in San Francisco with offices in New York and Paris. www.workspeed.com

Workspeed and Workspeed Building are trademarks of Workspeed, Inc. All other names and trademarks are the respective property of their owners.