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B2B commercial real estate transaction platform is the first to complete office lease transactions on-line

New York, NY. September 13, 2000

TenantWise.com announced today that it has successfully completed ten office lease transactions valued, in aggregate, in excess of $26MM. These lease transactions are the first to be accomplished on-line in history. They ranged from 250 to over 35,000 square feet in size, and all locations were in Manhattan. Companies represented in these transactions include Dresdner Kleinwort Benson, RCM Global Advisors, AFX News (a unit of Agence France Presse), Earthnoise.com, Julie Morgenstern Inc., Conant Architects, and Skidmore, Owings & Merrill. Landlords with whom these transactions were concluded include: Reckson Realty Associates, Max Capital Management, the Port Authority of New York/New Jersey (One World Trade Center), Helmsley-Spear (Empire State Building), Abramson Brothers, B&D Properties and Stellar Management.

Launched on April 10 of this year, TenantWise.com is the first and only B2B commercial real estate transaction platform. The company is challenging traditional brokers in a national market assessed at over $19B in size.

Over 4800 unique listings covering all of Manhattan’s neighborhoods are listed on the site by TenantWise.com. Landlords and brokers are not charged to list space on the site and as a result, it is one of the most complete listings services available on the world wide web. These listings are free to be accessed by tenants, brokers and landlords.

“We could not have had a better first four months,” said M. Myers Mermel, CEO of TenantWise.com. “The volume of transactions, the companies represented, and the landlords we worked with all establish the viability and credibility of our value proposition.” TenantWise.com offers commission savings to landlords and tenants as a result of the savings it generates through a streamlined process. Currently, landlords typically save 20% off a full leasing commission and tenants save 40%. These savings are substantial: on a typical 10,000 square foot lease, the tenant can save close to $60,000, and the landlord can save $30,000.

“Commercial real estate transactions are complex and require varying levels of human interaction at each stage of the process,” added Caroline McLain, Co-Founder of TenantWise.com. “At TenantWise.com, we have developed a business system that integrates technology and human interaction in levels that are appropriate for each stage. Through the efficiencies of the Internet, we gain a significantly lower cost structure and a reduction in cycle time which translates into savings for tenants and landlords.”

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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