By John Jordon on May 09, 2013.
WASHINGTON, DC-A new player is expected to enter the DC commercial real estate information services arena in the next few months. New York City-based CompStak is set to begin operations in the district by this summer.
The start-up company, founded by former Grubb & Ellis Inc. broker Michael Mandel, expects to expand into the greater Washington area by July 1 as part of a nationwide rollout, according to the Washington Business Journal. The firm, already in operation in Manhattan and San Francisco, reports the details of commercial real estate leases from experts involved in those deals. It makes the information available for free in exchange for details on other leases or as part of a fee-based service for outside parties, the newspaper reported.
“This is an area of the market where we’ve identified a gap in what CoStar offers and provides a functionality that we think users will really appreciate beyond what they’re getting at CoStar,” Mandel says. “People have been sharing this information forever, but no one’s ever shared it in a comprehensive way.” See story in the Washington Business Journal.