SiteStuff agrees to acquire RexOffice.com in stock swap.

SiteStuff announced that has acquired RexOffice.com, a New York-based company that connects commercial office buildings and property managers with their tenants via the Internet in a stock-for-stock exchange.

The acquisition of RexOffice, a Web-based portal that functions as a building operating platform, further delivers on the SiteStuff business model -- streamlining property operations for commercial real estate owners and operators. Financial terms of the transaction were not disclosed.

"RexOffice is an established company, with a solid customer base and proven revenue streams. This acquisition is an excellent fit with the SiteStuff strategy of providing easy access to everything a building owner, manager, or tenant requires to efficiently and effectively operate his properties. The re-suit is improved client service and increased building value," said Micthael Stewart, chief executive officer of SiteStuff. "Combined with SiteStuff's existing customer penetration and capabilities, this proven solution can now be shared with properties throughout the nation."

RexOffice connects building owners, tenants, and property managers and, for the first time in the industry, enables these key constituencies to seamlessly communicate across a web-based platform. RexOffice provides a secure, password-protected extranet for building owners and managers to store and share files and reports, and enables buildings to create their own web sites for tenants. RexOffice facilitates the submission and completion of tenant work requests and provides tenants with immediate access to building resources.

The company also brings a strong customer base of New York's leading commercial real estate players, including Insignia, Apollo Real Estate Advisors, Blackacre Capital, and The Witkoff Group. Prior to becoming a subsidiary of SiteStuff, RexOffice was a stand-alone subsidiary of EdificeRex.com, Inc. a company founded by Andrew Farkas, chairman and chief executive officer of Insignia Financial Group, Inc. Both EdificeRex.com and Insignia Financial Group have become shareholders in SiteStuff, and Farkas joins the SiteStuff board of directors.

"We believe RexOffice has set the standard for office building operating systems platforms, and the transaction with SiteStuff confirms the vision for the the Internet-based product we conceived and successfully brought to the marketplace," said Farkas. "We are highly confident that the marriage of SiteStuff and RexOffice will be widely embraced as the ideal Internet solution for office properties."

"SiteStuff is excited to work with the RexOffice team. We are impressed by their people and the technology platform they have built, as well as the speed with which it was embraced by some of New York's leading real estate owners and managers," added Bob Kroll, chief alliance officer of SiteStuff.

RexOffice enhances the SiteStuff offering, providing new functionality to SiteStuff's national customer base, which represents more than 2.8 billion SF of commercial real estate space. RexOffice will become the Preferred portal for properties managed by member companies of the Project Octane e-business alliance, which includes Richard Ellis, Jones Lang LaSalle, Trammell Crow Company, and Insignia/ESG.