By publisher4 on May 08,2013.
New York—Today CompStak, the first-ever comprehensive database of commercial lease information, is announcing its plans to launch in Los Angeles on June 1 and in Washington, D.C., on July 1. CompStak makes commercial real estate (CRE) information easily accessible, with a massive online database of commercial lease comps (comparables).
The startup, which recently received $4.5 million in a Series A funding round led by Canaan Partners, is also announcing that it plans to double its headcount by the end of the year as part of its nationwide expansion, seeking talented new hires in all areas from real estate technology to engineering and marketing.
After gathering 99 percent of all lease comps signed in Manhattan in the past year, CompStak recently launched a database for the San Francisco Bay Area. The startup has already compiled 90 percent of lease comps for the city of San Francisco, and membership in the overall Bay Area has doubled in just two months.
CompStak has already collected a substantial number of lease comps for both Los Angeles and Washington, D.C. The startup is now providing data to the biggest names in commercial real estate, including Tishman Speyer, the owners of the Rockefeller Center and the Chrysler Building; Malkin Properties, owners of the Empire State Building; Beacon Capital, which is responsible for over $17 billion worth of assets; and bank Wells Fargo.
“We’re really excited to be growing so rapidly—both geographically and in company headcount,” said CompStak CEO Michael Mandel. “Los Angeles and D.C. are natural next markets for us, with over three billion combined square feet of commercial inventory in these regions. No one has ever offered such quick access to information about CRE deals, and we’re thrilled to bring efficiency and transparency to the L.A. and D.C. markets.”
Using a unique crowdsourcing model, CompStak offers a free service to CRE professionals. When brokers submit information about commercial real estate deals, they get credit, similar to virtual currency, which they can use to access details of other transactions. The process of digging up lease comps used to be a murky and painstaking one, with brokers and other CRE professionals calling each other individually and tracking down data over the phone or via email.
With its upcoming launches in the greater Los Angeles and D.C. regions—including the city of Los Angeles and Orange and Riverside Counties, as well as the city of D.C. and Northern Virginia and Eastern Maryland—CompStak is seeking early broker partners in these areas. Brokers that team up with CompStak and submit lease comps before the official launch dates will receive double credit—giving them unparalleled access to information about commercial real estate deals in L.A. and D.C.
“Los Angeles is one of the hottest commercial real estate markets in the country right now, especially with demand for properties in the exploding tech sector on the Westside and in Hollywood,” said CompStak investor Zachary Aarons of Millennium Partners, developers of the Millennium Hollywood project. “CompStak is bringing a level of transparency to the market that will be welcomed by the entire real estate community.”
“Berman Enterprises has been in the commercial real estate business in D.C. for several generations now, and CompStak’s launch here will finally provide our market the transparency necessary to close more deals, more efficiently,” said Casey Berman, managing director of Berman Enterprises’ venture capital fund and investor in CompStak. “Now I won’t have to spend time guessing who has the comp I need, only to find they don’t have it. For our analysts at Berman—which handles over 6.5 million square feet of commercial properties—CompStak will make their jobs less frustrating and let them use their time more productively.”
Commercial real estate brokers, appraisers and other CRE professionals can join CompStak at: http://www.CompStak.com/
CompStak is hiring for the best and brightest in real estate technology, engineering, and more: https://compstak.recruiterbox.com/
CompStak is the world’s first comprehensive database of commercial lease information. CompStak gathers its information through a proprietary crowd-sourced model, which offers virtual currency for real estate professionals that provide information to CompStak and allows them to use this currency to acquire the data they need. By properly incentivizing the holders of this valuable information to provide it to CompStak’s database, CompStak enables a marketplace that makes the commercial real estate market more efficient for all participants. This model, combined with analyst review, results in an incredibly comprehensive and accurate database of lease information.
The company’s investors include Canaan Partners, 500 Startups, Founder Collective and Expansion VC. Learn more @compstak and www.compstak.com.