In case you missed it, Ten-X sold a controlling stake to private equity powerhouse Thomas H. Lee Partners for more than $1billion last week! Holy shit, that’s a big friggin number. I wasn’t surprised actually. Not that I had any advance knowledge or that I am some kinda guru or anything, just felt it in the air.
AI has created films, written pop songs, and won at Jeopardy. With AI applications permeating almost every aspect of our daily lives, it’s only a matter of time until it naturally begins to aggressively transform the commercial real estate world.
I had a great time at my recent Talkshop Live with Turner Levison of CommissionTrac. Really great interview with a passionate Founder. CommissionTrac is the type of product that will do well in this market cycle. Solutions that make professionals more efficient. From paper to digital. From snail-pace to real time. Actionable intelligence. In my opinion, this is what will be successful in the CRE tech space. And Turner is on this big time with his product.
I have a confession to make. I love WeWork! Always have. I think it’s just about one of the coolest startups I have ever seen (although I think they are far from actually still being a startup). I LOVE the concept.
One of the really cool parts of running a series of sites devoted to news aggregation, connectivity and, events for the CRE startup world, is that I literally get sent dozens of really cool startup updates every week.
I have been active in the CRE tech sector since 2011 and have seen a great deal of progress to date. As anyone who has invested in, is working at or is building a startup in the sector can attest, it hasn’t been easy during the last five years or so.
I finally got to meet up with Rich Sarkis, Co-Founder, CEO of Reonomy. I have long admired Rich and his company from a distance but never had the pleasure of meeting him in person. And I am so glad I did. I was so impressed with him, his site, and his company.
I have been writing and speaking a lot lately about how I think we are in a period of consolidation, M&A and partnerships in the CRE tech sector. It just makes sense that as the sector matures and more and more industry professionals begin to embrace tech, they will migrate towards the platforms that create the smallest barrier to entry and the maximum number of solution points.
Having spent all of my life in the NYC metropolitan area, I love New York. While it has certainly changed a lot over the years from what it was in the 1970’s, it is still the capital of the world in my eyes. The energy. The electricity. The toughness. The passion.
I had a great time with my friends Jeffrey Berman, Director and Jake Fingert, Partner of Camber Creek, the hot real estate VC based in NYC. Of course I had the crazy idea of doing the interview outside on the HighLine in NYC, but logistics (sound, etc.) were not so good so we went inside to a local residential building where Jeff actually lives and did what I always seem to do… we winged it :) It was a lot of fun and super interesting to talk to these two guys who seem to not take life too seriously but DO take their jobs really friggin seriously. And I dig that!
A few years ago, the home tech market was very fragmented. There were a few sites like Nest and some big companies like GE focused on the space. Eventually there was a lot of press around the IoT and how there was a huge opportunity coming in digitally connecting the home.