MB Real Estate Gains Efficiency, Provides Transparency with Textura's Construction Payment Management System

CHICAGO, April 20, 2011 /PRNewswire/ -- Textura Corporation, the leading provider of collaboration solutions for the construction industry, announced today that MB Real Estate Services, LLC, a full-service commercial real estate and development firm, has begun implementing Textura's Construction Payment Management system on select tenant improvement, renovation and new construction projects.  

John T. Murphy, President, MB Real Estate Services, LLC, said, "We have always valued the team approach here at MB Real Estate, which played a major role in our decision to implement the Textura Construction Payment Management (CPM) system. Textura CPM has significantly reduced our risk and made our payment application process more efficient. The team members on those projects have benefited from a more efficient and cost-effective process."

"In our fiduciary capacity, MB Real Estate has a responsibility to protect our clients' assets, provide them visibility into their project costs, and deliver timely and efficient services," added Maureen Grove, MB Real Estate's Vice President and Managing Director of Finance and Accounting. "We use Textura whenever possible on capital projects including tenant improvement and capital renovations projects on the buildings we manage."

"MB Real Estate is a great example of how Textura's collaboration platform benefits all participants on a construction project," said Patrick Allin, Textura CEO. "With our CPM application Owners, General Contractors, Subcontractors and others benefit by having greater visibility and control over the billing and payment processes resulting in lower costs. Textura's workflow engine simplifies the paperwork and speeds approval by automatically routing invoices, lien waivers and other documents to the next person in the approval chain. There is a terrific value proposition that is specific to each participant. That is the advantage of our software-as-a-service technology platform."

David Graff, Senior Vice President of Project Services at MB Real Estate adds, "Textura allows us to speed up payment to everyone on the project, usually by several weeks. Since all contractor invoices and lien waivers are correct and automatically roll up to the owner invoice we are able to secure final owner approval only a few days after a draw closes."  

Visibility into complex, multi-party construction projects is a must for all participants in today's economic environment. Textura CPM is the only solution that delivers on this requirement, applying proven, internet-based technology to an inefficient, paper-based process, helping companies save money and reduce risk, regardless of their project role.

About MB Real Estate Services LLC

MB Real Estate is responsible for the management and leasing of more than 18 million square feet of commercial real estate. As one of the most prominent real estate advisory and service firms in the Midwest and on the East Coast, MB Real Estate offers expertise in real estate development, asset and facilities management, leasing services, investment sales and acquisitions, construction management, and corporate advisory services. For more information, please visit www.mbres.com.

About Textura

Founded in 2004, Textura has developed the only robust collaborative industry solutions for construction payment management, Textura—CPM, and for pre-qualification management, Textura—PQM.  

Textura—CPM integrates all construction payment management process components – invoicing, lien waiver collection, sub-tier waivers, compliance management, payments –  into one seamless work flow, helping contractors and others involved in construction projects realize significant benefits from automation and streamlining.  To date $60B in construction value has been processed by CPM.

Textura—PQM automates the entire pre-qualification process for everyone by facilitating the electronic submission, review, approval and updating of all pre-qualification documents.  Please visit our website at www.texturacorp.com.  

SOURCE Textura Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED