CBRE gives Hightower its stamp of approval

World’s largest CRE firm will foot the bill for brokers using leasing management software
By Hiten Samtani | Twitter_logo_blue copy October 08, 2015 05:40PM

Cloud-based leasing startup Hightower has been selected as a preferred technology provider by CBRE, a ringing endorsement for the startup from the world’s largest commercial real estate services firm.

CBRE recognizes that “end-to-end leasing management software is going to be key to be competitive in the marketplace,” Brandon Weber, CEO and co-founder of Hightower, said in an interview Wednesday with The Real Deal. “Corporate is going to support it, pay for it, and roll it out.”

Ed Schreyer, Americas President of Agency Brokerage and Asset Services for CBRE, said in a statement that the brokerage was “excited to see the Hightower platform offer powerful new capabilities to our professionals.”

Hightower, like its primary competitor VTS, helps landlords and brokers manage their sprawling commercial portfolios through a cloud-based software. Hightower’s clients include big-name landlords such as Kushner Cos., the Durst Organization and Two Trees Management. Brokerages Newmark Grubb Knight Frank, Cushman & Wakefield and JLL also use the software.

Both Hightower and VTS have had major success attracting venture capital; Hightower raised $13 million in a Series B round in May, while VTS raised $21 million in its own Series B in July.

Hightower told TRD in May that the latest funding round will go toward hiring engineers and accelerating growth in new markets.