By Danny Shachar on February 07, 2014.
NEW YORK, NY (PRWEB) FEBRUARY 07, 2014
CompStak, the largest aggregator of accurate lease comp data in the U.S. has hired Andrew Phillips as Director of Enterprise Sales, responsible for leading efforts to expand CompStak’s presence within the world of commercial real estate finance and investment. Phillips joins CompStak from Newmark Grubb Knight Frank, where he was Managing Director at Newmark’s National Loan Sale Advisory Service.
Phillips, who was listed in Real Estate Forum’s 40 Under 40, is a well-known figure in the New York commercial real estate industry. In 2008 the British native started the highly profitable distressed debt brokerage business at Newmark (previously Grubb & Ellis), where he and his team brokered the sale of over $1B in distressed assets for clients such as US Bank, Key Bank and Lloyds Bank. CompStak, which uses a unique crowd-sourcing model to gather accurate lease transaction data, has already secured similar firms as clients.
“The real estate market is at a turning point where distressed debt opportunities are shrinking. The future is in information that investors need to win more deals. Investors and lenders alike are increasingly using CompStak’s data as a tool for underwriting deals and better managing risk,” Phillips said. He added: “Immediate access to real time market data is a game-changing development for everyone and anyone in the commercial real estate and capital markets business. CompStak has created a new standard in accessible and accurate data that has never been seen before.”
CompStak, using data gathered by commercial real estate professionals and validated through machine learning algorithms and analyst review, has processed over 200,000 lease deal records since its inception, making it the largest aggregator of accurate lease comp data in the US. CompStak’s members include commercial real estate brokers, researchers and appraisers. Lenders, investors, analysts and rating agencies receive access to CompStak’s data via a paid subscription.
CompStak has seen tremendous growth since it participated in the 500 Startups Accelerator in Silicon Valley, and raised its $4.45M Series A funding in late March. The fundraising round, led by prominent Silicon Valley VC firm, Canaan Partners, provided CompStak the resources to expand from its home market - New York City, to seven additional markets in the past year. CompStak’s existing markets are some of the largest real estate markets in the country, including Washington D.C., Los Angeles, San Francisco, Chicago and Dallas. CompStak has even bigger plans for this year. “We’re on a trajectory to cover every major US market by the end of 2014,” says CompStak’s Co-Founder and CEO, Michael Mandel.
Phillips noted, “I’ve seen the terrific feedback CompStak has received from existing customers, like Tishman Speyer, Wells Fargo, Beacon Capital and others, and I’m excited to share the value that the CompStak platform delivers with owners, investors and lenders across the U.S. I’m confident that CompStak will become the world leader in commercial real estate information, and I’m excited to help fulfill that mission.”
“We’re very excited to bring Andrew onboard. Andrew’s deep experience in the financial sector will allow us to broaden our reach to an entirely new customer base, and his experience leading sales teams will spur new successes for the company,” says Mandel.