SiteStuff, an e-procurement provider for the commercial real estate world, has targeted RexOffice for its model secure Internet connection linking property managers and tenants. RexOffice, just three months old, is the brainchild of EdificeRex.com, a New York City-based company founded by Andrew Farkas, chairman and CEO of Insignia Financial Group. Insignia, also based in New York, holds a 50% equity stake in EdificeRex.com.
RexOffice customers include Insignia, Apollo Real Estate Advisors, Blackacre Capital and the Witkoff Group. SiteStuff's heavy hitter list includes CB Richard Ellis, Jones Lang LaSalle Inc. and Trammell Crow Co. The teaming most certainly leverages SiteStuff's position in the e-marketplace, where a growing number of experts say success will require mergers and cooperative agreements among the IT companies.
With the buy comes a second office for SiteStuff. RexOffice's 10-employee staff headquarters at 300 E. 42nd St., which SiteStuff intends to keep in place. Though SiteStuff's customers control a large number of properties nationwide, a SiteStuff source has explained to GlobeSt.com that the acquisition would give the strong foothold in the New York property market that the Austin-based provider had been seeking.
RexOffice connects building owners, tenants and property managers, allowing communication through a web-based platform. A secure, password-protected extranet is used so building owners and managers can store and share files and reports and create Web sites. Tenants can use RexOffice to submit work requests and obtain access to building resources.
SiteStuff has been gaining ground in national markets as well as reaping accolades from industry watchers. The most recent has come from Forbes Magazine, which deems the state capital-based provider as one of the most promising B2B Web sites available.
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