LOS ANGELES—The New York-based commercial real estate projects connection engine Honest Buildings has made its first foray into the West Coast market with the opening of its second US office here in Los Angeles, GlobeSt.com has learned exclusively. The move is part of the company’s strategy to expand to major US markets. To lead the Los Angeles office, Honest Buildings has tapped Kevin Siebers as VP of business development.
“We were founded and have had a lot of success in New York. L.A. is the second largest real estate market in the nation and is not dissimilar from New York in that there are a lot of different owners, a lot of capital in the market and a lot of similar problems with the transparency of building projects. So, we want to take what we have done in New York and apply the same technology and transparency to the same problems that exist out here,” Siebers tells GlobeSt.com.
For the unfamiliar, Honest Buildings connects architects, engineers, tech experts and so on across property types, helping owners and developers assemble quality teams quickly for their commercial real estate projects. The site has originated more than $145 million in contracts since 2013, including $90 million year-to-date of contracts originated. HB Network runs custom searches for projects leaders, looking over thousands of portfolios from building professionals. Any building professional can create a profile with a portfolio of work for free. The site’s clients include Cushman & Wakefield, Vornado Realty Trust, Sitt Asset Management and Madison International Realty.
Honest Buildings plans to focus on both the Los Angeles and Southwest regions from its Los Angeles hub. “Our main goal is to create an active marketplace in Los Angeles and in the Southwest, and to provide a service that creates value for our clients,” says Siebers, who adds that Los Angeles has the largest stock of commercial buildings in the nation, providing ample opportunity for the network.
Prior to joining Honest Buildings, Siebers worked with Tishman Speyer, where he managed the firm’s financial aspects. “I was fortunate enough to be involved in a lot really interesting real estate transactions while I was there,” he says. At Honest Buildings, he plans to grow the West Coast office and recruit new clients and users to the site. “For me this is an opportunity to do something a little different and leverage my real estate background and skill set in a different way,” he explains. “This is a new challenge for me professionally, and I am looking forward to being part of really growing this company and having an impact as a whole on this industry.”
Honest Buildings is not the only company to enter the West Coast market. Earlier this week, GlobeSt.com reported that Sitex also opened its first West Coast office in Manhattan Beach, CA. In congruence with opening the new office, the firm is launching its eighth investment fund.