Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Monday, 17 April 2000

Goldman Web Site May Sidestep the Brokers It Invests In

TenantCity.com is the online real estate service funded by Goldman Sachs that some say could replace brokers in certain situations, which has roiled some brokers.
April 18, 2000



By Thomas J. Walsh, Commercial Real Estate Direct Senior Writer

TenantCity.com, a soon-to-be-launched Internet site funded by Goldman Sachs, will allow properties to be leased and marketed for sale without the help of traditional brokers in some situations.

News of the site has roiled some in the brokerage business, among them executives at Grubb & Ellis Co., of which Goldman is a major investor.

"I'm not sure why we would slit our own throats," was the initial reaction of one senior Grubb investment broker when asked of Goldman's involvement with the Web firm. He suggested that sites such as TenantCity would squeeze brokers' commissions.

Just why would Goldman fund such a site and jeopardize relations with a company in which it invests?

The firm is said to control some $30 billion of real estate, primarily through its Whitehall Street Real Estate Funds and Archon Group. With a high-tech solution, the thinking is that it could move and lease smaller, less complicated properties with speed and low cost.

The idea behind TenantCity.com – now just a static, single page in cyberspace – is to save time by streamlining the transaction process. Goldman's service (it is not known if Goldman is the sole source of capital for the firm) is located in Houston and Washington, D.C., and has plans for an ambitious expansion before the end of the year.

Jim Hime and Tom Bacon, formerly with Hines, a Houston developer, are leading TenantCity.com from its Houston base. Neither could be...



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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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