TenantBase, a startup commercial real estate brokerage that caters to startups, is growing its operations in Los Angeles.
The boutique firm has relocated to a 3,500-square-foot office space at 225 Arizona Avenue in Santa Monica, The Real Deal has learned.
It’s also tapped Jim Jandro, a former senior managing director at Newmark Knight Frank’s office in the South Bay, to lead the Southern California region, the company announced Wednesday. In his new capacity as principal, Jandro, a 30-year veteran, will be responsible for expanding the firm’s brokerage business.
Within the L.A. office, there are currently seven people on the brokerage team, and 11 in management, according to the firm’s website.
The recruiting push comes a few months after the startup closed a $10.5 million funding round, led by New York-based Stonecutter Capital.
TenantBase caters to the small to mid-sized tenants looking for office space that’s typically less than 5,000 square feet. Its technology-driven platform allows tenants to search for space on its website, and later pairs the tenant with an in-house “adviser” who guides them through the process of touring a space and signing the lease.
The firm’s revenue model is built around extracting commissions from brokerage fees paid by landlords when a tenant signs a lease, said Mike Zei, co-founder and chief operating officer.
Bennett Washabaugh, co-founder and CEO, said the company has a national rollout planned in all major markets. In addition to its operations in Newport Beach, Irvine and Los Angeles, TenantBase already has launched in Atlanta, Dallas, and Nashville.
In recent years, technology has invaded all facets of the real estate business as companies search for ways to remain competitive. It’s proved especially successful in residential real estate, as firms like Zillow and Redfin have increasingly become the go-to places for prospective homeowners and renters.