For Immediate Release
DALLAS / BOSTON, April 29, 2020
GLOBAL PROPTECH FIRM ACQUIRES CORPORATE REAL ESTATE BENCHMARKING LEADER
DALLAS / BOSTON : We are pleased to announce that on April 1, 2020, RefineRE, Inc. acquired BenchCore LLC and will add its corporate real estate industry-leading benchmarking data and services to RefineRE’s robust platform for corporate real estate occupiers. BenchCore will remain its own company within the RefineRE platform and founders Ron Zappile Sr., Peter Holland, and Raymond Nomizu will remain active with the company. Peter Holland will remain BenchCore CEO.
RefineRE, a Dallas-based proptech company founded in 2017, was developed by long-time industry leaders to empower corporate real estate executives across various industries by giving them user-friendly tools that solve complex challenges. RefineRE’s Portfolio Intelligence platform has changed how companies make important decisions about the real estate that their people and business units occupy and has identified over $100 Million in cost savings and cost avoidance for their clients.
Ryan Turner, founder and CEO of RefineRE, expresses positivity about the combination of the two companies onto a single platform. “I want to commend BenchCore’s founders, Ron, Peter, and Raymond on their incredible success. BenchCore has become the Gold Standard for corporate real estate benchmarking thanks to their vision and execution. The knowledge, product, and customer base that they have built are best in class, and we’re extremely proud to welcome them to the RefineRE family. This is a huge win for customers of both companies.”
BenchCore is a Boston-based corporate real estate benchmarking company that aggregates global real estate data from top-tier companies so that they can better deploy their real estate by decreasing costs and increasing efficiency. Their online tool provides immediate and valuable guidance to corporate real estate executives focused on portfolio management.
According to Peter Holland, co-founder and CEO of BenchCoRE, “The integration of BenchCore into RefineRE realizes a long-term objective of positioning the service for a future of expanded offerings and an increased database of benchmarkable information for our participants. RefineRE is a perfect match with our customer focus, belief in the power of data, and technology. We could not be more delighted to be associated with a growing and well-respected data and proptech business. The scale, resources and technology now available to our clients will no doubt drive better outcomes for corporate real estate practitioners across the globe.”
BenchCore members will now be able to harness expert corporate real estate knowledge, data, and advice in an industry-leading platform. Corporate real estate executives have come to trust and rely on the power of BenchCore’s analytics, just as they rely on the power of RefineRE’s technology and corporate real estate expertise. Like BenchCore, RefineRE is not tied to a commercial real estate brokerage and is focused on their core business of providing data and technology to support CRE leaders.
“Our mission at RefineRE has always centered around smarter, better, faster decision-making for corporate real estate executives. The addition of this team of experts and this product will allow for ground-breaking improvements,” Turner added.
BenchCore principals will continue to support the program to ensure a seamless transition and a continuity of first-rate service, with Peter, Ron and Raymond remaining in their roles as CEO, COO and CIO respectively for the immediate future.
“BenchCore is ready to proceed to the next level of success and the addition of capital, talent, and superior technology will advance its software and analytical tools to current and future subscribers in the corporate real estate profession,” added Holland.
Leaders of both firms anticipate rapid growth and enhanced products, building on an already large client base of Fortune 500 companies, fast-growing technology firms, and global manufacturers.
For more information, visit www.refinere.com or www.benchcore.com or contact us:
Q: What is BenchCore?
A: BenchCore is the leading corporate real estate benchmarking software solution. BenchCore allows members to benchmark against their own portfolio, their peers, and their markets.
Q: What is an example of a benchmark in real estate?
A: A corporate real estate team might benchmark against other organizations’ real estate spend and realize that they are spending twice as much as their peers. This information helps drive strategic decisions and highlight opportunities for improvement. Read more about the importance of corporate real estate benchmarking here.
Q: Is BenchCore a separate company from RefineRE?
A: BenchCore was acquired by RefineRE in April 2020 and has since been incorporated as a module within the RefineRE Business Intelligence Suite.
Q: Why is benchmarking important in commercial real estate?
A: It’s vital that corporate occupiers benchmark in order to give context to their real estate data. Competitive real estate organizations leverage benchmarking in order to track progress over time, identify cost drivers, measure performance relative peers, and compare various metrics against the markets they occupy.