Cubitz.com Secures More Than $2 Million in Second-Round Funding; Investment Banking/Venture Capital Leader Loeb Partners Invests in Online Commercial Real Estate Leasing Marketplace.Business Editors, High-Tech Writers SEATTLE--(BUSINESS WIRE)--April 5, 2000 Cubitz.com, the revolutionary new online solution for companies seeking business space, announced today it has secured more than $2 million in its second round of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. led by Loeb Partners -- a leading, New York-based finance, venture capital and real estate investment firm. Also participating in this round was Insignia Financial Group, Inc. (NYSE NYSE See: New York Stock Exchange :IFS), as well as previous angel investors. A venture capital affiliate of Loeb Partners Corporation acquired a minority stake in Cubitz.com and Loeb Partners Realty Vice President Michiel C. Schuit will represent the firm on Cubitz.com's Board of Directors. "We're thrilled to add a significant commercial real estate leader like Michiel Schuit to our board," said Cubitz.com Chairman Elie Finegold. "Michiel's leadership and the investment from Loeb will help Cubitz.com reinvent how companies and commercial real estate professionals use the Internet to conduct business." "The efficient, online marketplace being created by Cubitz.com carries great potential for the industry," said Schuit. "Cubitz.com will revolutionize how businesses find space and how commercial real estate professionals find clients. This increased efficiency will position Cubitz.com as the industry standard." As vice president for Loeb Partners Realty, Schuit is responsible for implementing value-added strategic plans for a 10-million-square-foot portfolio. He formerly was a general manager at Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. (then LaSalle Partners), where he re-engineered the joint management of Citicorp Center The Citicorp Center is any of a variety of skyscrapers in the United States, including:
About Cubitz.com Seattle-based Cubitz.com, The Place for Business Space(TM), is a privately held Internet company with an innovative business model to empower companies to make intelligent decisions about business space. Cubitz.com will make it easier for companies to find business space by providing unparalleled access to market information while preserving anonymity. Cubitz.com will provide convenience and efficiency for commercial real estate professionals by reducing lead-generation time without divulging proprietary information. The launch of the company's Web site, www.cubitz.com, is scheduled for Q2 2000. About Loeb Partners New York-based Loeb Partners is a privately held firm principally focused on investment and merchant banking, venture capital, asset management and real estate investments. It is a member of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . Loeb specializes in providing investment-banking services to small and mid-size public and private companies that require a highly personalized and professional standard of service. Loeb Partners Realty is a $1 billion, privately owned real estate opportunity investment firm and an affiliate of Loeb Partners Corporation. About Insignia Financial Group Insignia Financial Group, Inc., based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is a premier real estate services company with leadership positions in both traditional commercial and residential sectors as well as in the e-commerce arena. Its major operating units are: Insignia/ESG, one of the largest providers of commercial real estate services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the pre-eminent commercial real estate service provider in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. ; Insignia Richard Ellis There are several prominent people named Richard Ellis, including
New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. market; and Insignia Residential Group, the largest manager of cooperative and condominium housing in the New York metropolitan area. In addition, Insignia has forged a series of initiatives designed to harness the growing opportunities for the delivery of real estate services via the Internet. These include EdificeRex.com, Inc, which features leading-edge portals with specific functionality for multi-family residential and office properties, and high-speed, broadband Internet access Broadband Internet access, often shortened to just "broadband", is high speed Internet access—typically contrasted with dial-up access over modem. Dial-up modems are generally only capable of a maximum bitrate of 56 kbit/s (kilobits per second) and require the full use of a via wireless protocols and building-specific local area networks. |
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