Article cited from Bisnow
Keycards and fobs may go the way of the dodo at Lincoln Property Co.’s managed office portfolio.
The company said this week that it has partnered with Culver City-based PropTech startup OpenPath to provide keyless mobile access control entry for tenants across its 200M SF managed office portfolio nationwide.
“We chose to partner with OpenPath after we made a commitment to ourselves to bring forth the best and safest on-site experiences for our tenants at LPC buildings,” Lincoln Property Vice President, Innovation and Technology Ventures Eric Roseman said in an interview with Bisnow.
The agreement comes a little more than a year after Lincoln began using OpenPath’s access control system in its office properties on the West Coast.
The agreement is also a sign of the rise of PropTech, or property technology, disrupting commercial real estate. In December, venture capitalists invested $1B in PropTech companies, according to CREtech, a company that follows the PropTech industry. OpenPath was founded in 2016 and has since raised about $27M.
Along with OpenPath, companies such NexKey, BioConnect and others are trying to change the way tenants enter so-called smart buildings. Currently, most office buildings require a keycard or fob swipe to access the building. Systems like OpenPath ditch the need for those sometimes bulky items.
Using a cloud-based system, OpenPath sets up access portals at various entryways in a building and allows employees or tenants to use their mobile phones to enter the building. Tenants can either wave their phone over a portal or brush their hand or elbow for access into the building.
The technology also allows companies to provide temporary visitor access through the visitor’s phone. Additionally, tenants and landlords can remotely lock doors, create zones and lock down the entire premises to enhance security in the building.
To ensure the mobile signal can’t drop, OpenPath patented a triple unlock technology that uses Bluetooth low-energy, WiFi and LTE cellular data to secure easy and frictionless entry for employees and tenants.
OpenPath co-founder James Segil said the partnership will give Lincoln an edge when it comes to securing future tenants.
Segil declined to say how many office buildings are using OpenPath’s technology, only that they work closely with several real estate companies.
“Everyone is making investment decisions every day,” Segil said. “It’s a standard line item in the list of things to do. If you’re going to put in access control, why not future-proof it?”
Roseman said having keyless and frictionless entry is a wave of the future.
“As a forward-thinking developer delivering Class-A office and mixed-use product to the market, we know our delivery has to match the expectations of the new class of high-growth tech companies and employees,” Roseman said. “We’re confident that we can achieve a safe and technologically enhanced experience these tenants will continue to expect from their real estate.”