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Monday, Jun 27, 2022

Crexi Continues Growth Surge Despite Pandemic

Marina del Rey-based Commercial Real Estate Exchange Inc. had a busy 2020, and that pace has continued in 2021 as interest in the company’s products increased during the pandemic.

The company, also known as Crexi runs a marketplace it hopes will streamline commercial real estate buying, selling, leasing and lending. It also creates data reports and hosts auctions.

Eli Randel, the company’s chief strategy officer, said it had seen more demand than ever for remote work products.

“2020 was a landmark year for us. We’ve carried it into 2021. We have some new products and services,” he said.

Crexi used to be focused mainly on for-sale properties, but now it has extensive lease listings as well.

“It was a natural progression for us,” Randel said. “We already had the product built. It was pretty easy to clone that p
roduct with some slight variations. And we’re already servicing brokers.”

Randel added that the 
ompany’s relatively new auction offerings were also performing well. He declined to provide specific numbers but said its revenue increased significantly from 2019 to 2020.

Last year, Crexi raised a $30 million Series B round to drive expansion. The funding was led by Mitsubishi Estate Co. Ltd., Industry Ventures and Prudence Holdings.

Despite the Covid-19 pandemic, Randel said demand was high for Crexi’s offerings.

“People are really open-minded to, and seeking out, virtual products,” he said. “They were … thinking about what could help them reduce overhead, and our products and services reduce that significantly.”

Looking forward, Randel said the company will continue to grow.

“We think we have a good suite of products and services and are in the really early innings of penetration and the market we are just scratching the surface of,” he said. 

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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