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.
further information contact:
|M. Myers Mermel
Chief Executive Officer
Chief Financial Officer