CompStak Eyes Expansion, Hires Phillips from NGKF [Updated]
With a goal to expand into 12 additional markets this year, real estate startup CompStak has hired Andrew Phillips, formerly of Newmark Grubb Knight Frank, as director of enterprise sales.
Mr. Phillips, who served as managing director with NGKF Capital Markets, has been tasked with expanding CompStak’s presence within the commercial real estate finance and investment communities.
“Andrew and I worked together at Grubb & Ellis and I recognized him as someone who is an unparalleled sales leader,” Michael Mandel, co-founder and chief executive of CompStak, told Commercial Observer. “He was a managing director for the National Loan Sale Advisory Service at Newmark, and has relationships with the banks that pay for our services.”
CompStak has quickly gained a following in the real estate market by offering data on commercial property leases to brokers and other industry participants. To date, over 200,000 lease “comps” have been added to CompStak’s sytem, according to Mr. Mandel.
“A lot of the people I know from my previous world have a real need within their organization for this data,” said Mr. Phillips. “My expectation is that CompStak data will become a regular part of the vernacular and that it will be the go-to resource for the real estate industry.”
Headquartered in New York, CompStak launched in seven national markets in 2013 and expects to expand by a further 12 in 2014. Markets set to launch in the near term include Nashville and Houston.
As reported by The Wall Street Journal, CompStak raised $4.45 million in funding from Canaan Partners, 500 Startups, Founder Collective and Expansion VC last year. Though the company has no specific funding plans for this year, CompStak has continued to receive interest from venture capital funds.
“Right now, we’re not in the position where we need new funding but we’ll see what happens, there’s a possibility we’ll raise more money this year,” Mr. Mandel noted.
CompStak’s clients include a number prominent landlords and banks, including Tishman Speyer, Beacon Capital, Wells Fargo and Empire State Realty Trust.
Update: Mr. Phillips’ former title at NGKF has been changed to reflect he was not head of the National Loan Sale Advisory Service.