Veris Residential said it formed a strategic partnership with Massachusetts Institute of Technology‘s Center for Real Estate, where it will work closely with MIT/CRE to research, develop and implement innovative solutions for advancing and optimizing multifamily real estate operations, according to a Wednesday announcement.
“We are pleased to announce our collaboration with MIT/CRE. This is an exciting step forward in our continuous pursuit of operational excellence underpinned by innovation across our offices, properties and the communities in which we operate,” Mahbod Nia, CEO of Veris Residential, said. “We recognize innovation in the real estate industry requires diverse perspectives and are excited by the prospect of what we can achieve by combining MIT/CRE’s extraordinary resources and wealth of knowledge in the field with our practical, forward-thinking approach to managing multifamily properties.”
“The MIT Center for Real Estate is excited to work with Veris Residential, as we look to continue assembling thought leaders dedicated to studying real estate operations and developing strategies that ensure the industry effectively and efficiently evolves for the future. Since founding MIT/CRE nearly 40 years ago, we have strived to improve the global built environment through technology, innovation and research, and are pleased to continue executing this mission with the added help of Veris Residential. In working with this preeminent multifamily REIT, we believe we will further enhance the creation of solutions that address digital, sustainable and consumer-friendly issues across the real estate sector,” professor Kairos Shen, executive director of MIT/CRE, commented.
Veris Residential also formally announced the launch of the Veris Innovation Lab on Wednesday. The lab, which was established in summer 2022, will work closely with MIT/CRE’s worldwide network of alumni, researchers, affiliates and industry partners to study real-world challenges in multifamily real estate and aim to devise novel solutions that can be adopted by multifamily owners, operators and developers.
Comprised of a cross-section of employees from different departments within Veris Residential, the Lab will explore new and innovative solutions that have the potential to reduce the company’s carbon footprint, generate operating efficiencies or create new revenue streams, while promoting focused collaboration and knowledge sharing across the organization.