Three major U.S. corporations said Monday they are teaming with an online realty service to form an Internet business-to-business (B2B) marketplace for real estate transactions.Bank of America (NYSE: BAC), IBM (NYSE: IBM) and Prudential Insurance, which together account for some $3 billion (US$) in real-estate transactions each year, said they have taken ownership stakes in netStruxr, a Web-based portal aimed at matching corporate real estate buyers, owners and service providers.According to the companies, the new e-marketplace will run on technology provided by IBM. Real estate executives from each of the three partners worked with netStruxr on testing the system.”We are already seeing great interest in this exchange, and expect participation by corporate buyers and their service providers to grow significantly over time,” Prudential vice president Edward Rytter said. “This will allow all participants to apply their collective industry knowledge, established relationships and existing transaction base in an efficient, unbiased B2B exchange.”netStruxr’s system, Spacedirect, lets corporate real estate executives post specific requirements for space on a Web site accessible to the entire market of real estate providers. Prospective tenants can negotiate lease terms online once they receive responses from landlords.Bank of America senior vice president Robert Patterson said the exchange will… Read full this story
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