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TenantWise.com: The First On-Line Commercial Office Space Broker

New York, NY, April 17, 2000

The Corsair Group, a leading real estate investment bank located in New York City, announced the launching of the first on-line commercial real estate broker, TenantWise.com, on April 10th.

TenantWise.com provides all the information and resources a company needs to search for, negotiate and finalize a lease for office space. On the site are comprehensive listings of available space, bidding calculators, recent taking terms of leasing transactions, live-person assistance and contextual advice through every step of the occupancy process. Licensed brokers are also available, as needed, to assist companies through the process. TenantWise.com also provides comprehensive listings of goods and service providers specific to the real estate occupancy process.

Corsair Group's principals, each with over 15 years experience in the commercial real estate industry, are transferring their tenant representation expertise and knowledge to the web but with a significant difference from other existing commercial real estate websites. Most existing commercial real estate websites are broker-centric: they offer information to brokers or charge brokers to list and aggregate listings information. TenantWise.com is tenant and landlord-centric. It has listings that are free to anyone to use and there is no charge for listing on the site. Further, TenantWise.com provides all the necessary tools and information for tenants to take greater control of the occupancy process while receiving advice from TenantWise.com brokers, as needed.

Most importantly, TenantWise.com is an on-line commercial real estate broker that offers significant commission savings to tenants and landlords while accomplishing transactions. "Through reductions in cycle times and the efficiency of the internet, we are able to offer significant savings to tenants who use our process", says Co-Founder M. Myers Mermel. "A 10,000 square foot tenant can save $40,000 on a typical lease". Landlords also save because TenantWise charges them less than a typical commission. These are savings are not available anywhere else in the brokerage business as most tenants never see commissions that are paid to their brokers.

TenantWise.com will revolutionize the commercial real estate leasing business the way on-line brokerage firms revolutionized buying and selling stock. By simplifying the occupancy process and restructuring the flow of commission revenue within the traditional brokerage model, TenantWise.com will have a dramatic effect in changing a business that has been unchanged since the Civil War.

TenantWise.com also provides a one-stop source of information about goods and services providers. In Manhattan alone, it is estimated that tenants spent more than $4.1billion on real estate related goods and services last year. TenantWise.com will now allow tenants to have direct access to goods and services providers and find them, when they are needed most - when companies are moving or renovating.

Traditional commercial real estate brokers are welcome on the site and can earn commissions and referral fees through TenantWise.com. Brokers will now have the opportunity to pass on higher maintenance transactions while still earning commission dollars. TenantWise.com will make the job of the traditional broker easier.

TenantWise.com is also pioneering the use of a FastLeaseTM which is a pre-negotiated lease document which landlords and tenants would agree to sign as-is with only economic terms of rent, escalation and security deposits, as variables. The FastLeaseTM will reduce the time needed to produce a signed lease to days from weeks.

The TenantWise executive team consists of M. Myers Mermel, President and Co-founder, Caroline McLain, Chief Financial Officer and Co-founder, Michele M. Martin, Vice President, Content Development, Laurance Fendrick, Vice President, Database Development and Administration and Donna Leto, Director.

The service is currently available in Manhattan and will soon be rolled out to the top office markets in the nation.

TenantWise.com is a licensed real estate broker in New York State and a member of The Real Estate Board of New York.

For further information contact:
M. Myers Mermel
Chief Executive Officer
(212) 943-7777
Caroline McLain
Chief Financial Officer
(212) 943-1902

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