New York City-based CompStak Inc.
envisions a commercial real estate
industry in which accurate and transparent data leads to better, faster deals
for everyone. The network has been
built on a foundation of trust, a commitment to collaboration, and a belief
that transparency and technology can
improve business across the board.
Driven by a team led by co-founder
and CEO Michael Mandel, firm’s success rests upon its ability to move the
informal exchange of transaction data from offline to online. To
accomplish this, CompStak had to prove to brokers, appraisers
and researchers that their private stores of lease and sales comps
were most valuable when traded for newer, analyst-reviewed
comps. The insight gleaned from more accurate data would then
enable users to make better, faster business decisions.
CompStak Exchange is an exclusive platform for brokers,
appraisers and researchers to get analyst-reviewed comps and
property details at no charge. And through CompStak Enterprise
and CompStak Analytics, lenders, landlords and investors can
access transaction data and market analytics at a granular level.
The team’s efforts have borne fruit; since 2012 CompStak has
seem monumental growth across its platforms. To date, it has
received more than 1. 5 million transaction records from its network, which includes tens of thousands of CRE professionals and
such major CRE players as Tishman Speyer, Wells Fargo, Vornado
and Boston Properties, along with virtually every major brokerage nationwide.
Forecasting that technology would
increasingly drive fierce competition
in the industry, CBRE adopted the
mindset that IT must be an integral
part of all aspects of the CRE business.
As a result, the Los Angeles-based
company recruited Chandra
Dhandapani to serve as its chief digital
and technology officer in 2016. The
Fortune 500 firm brought Dhandapani
on for her expertise in technology
and the real estate capital markets.
She spent 17 years as a senior executive for Capital One Financial, where she and her team were
responsible for executing technology that provided desktop,
online and mobile capabilities to customers and staff.
Over the course of three years, Dhandapani and her team have
blazed trails through was through the technology and digital
realm, bringing together the industry’s top digital talent to work
on a variety of platforms and digital solutions. The team has been
diligently delivering new products, such as CBRE 360. Since
renamed Host, the employee and/or tenant experience platform
fuses concierge services with tech. Another product is Floored, a
3D space visualization tool. CBRE has also made investments in
proptech-focused companies through venture capital funds Fifth
Wall Ventures and MetaProp.
Already the world’s largest CRE services firm, CBRE is now also
known as one of the most digitally fluent companies in the world.
In fact, the amount it’s has invested in technology in 2017 alone
reportedly exceeds the total profits of many of its competitors.
Michael Mandel Chandra Dhandapani
After the 2008 financial crisis, during which loan defaults contributed to many bank failures, Ely
Razin started looking into the multi-trillion-dollar CRE finance market. The Thompson Reuters
executive noticed that despite its size, the segment was not transparent, and the little data that was
available was scattered and unstructured. Within that unfortunate observation, he saw opportunity.
And so in 2014, Razin launched CrediFi with the support of Battery Ventures, with the goal of
providing comprehensive visibility into the market. CrediFi’s financial data and analytics are powered by a database of seven million-plus assets across the commercial property spectrum.
With a focus on spotting opportunities and minimizing risk, the company is rapidly forging
a path in CRE fintech. With 65 employees in offices in New York and Tel Aviv, CrediFi tracks $13
trillion in securitized and balance-sheet loans. All of this is backed by millions in global capital;
to date the firm has raised more than $29 million from a long list of VC players. Ely Razin
The Commercial Real Estate Exchange Inc. marketplace and tech platform designed to conduct business through such tools as transaction management applications. It’s has grown into an invaluable
tool for many of the brokers and investors who use the platform. CREXi displays properties available
for sale or lease in all asset classes, which can then be drilled down to specific markets.
Since former Auction.com VP Mike DeGiorgio founded Marina Del Rey, CA-based CREXi in 2015,
the platform has accumulated transactions at a rapid pace. In four years more than $450 billion worth
of transactions have been facilitated through CREXi. Some of these deals were propelled along by the
innovations the firm has added to its product line—namely, tools allowing users to automate marketing efforts, access real-time insights and move between desktop and mobile devices.
Last year was particularly robust for the CREXi team, which has grown to more than 50 employees
and raised capital in another financing round. The $11 million in Series A financing, led by Jackson
Square Ventures, brought CREXi’s total funding to $24 million.