In September, Insignia had joined SitesStuff's Project Octane Alliance, but had not selected an e-procurement provider. Insignia controls 230 million sf nationwide. Project Octane Alliance consists of Jones Lang LaSalle Inc., CB Richard Ellis, Trammell Crow Co., Lend Lease Apartment Management, Macfarlan Real Estate Services, PM Realty and Summit Properties. SiteStuff's online services for Project Octane, which encompasses 2.8 billion sf, include purchasing property-management maintenance, repair, and operations products and services.

The Insignia signing falls on the heels of SiteStuff's take-over of RexOffice.com, a New York City-based B2B operation that uses the Internet as a vehicle to connect properties and managers to tenants. RexOffice is a wholly owned subsidiary of EdificeRex.com Inc., a company that had been formed by Insignia Financial Group's chairman and CEO, Andrew Farkas. Insignia is a subsidiary of Insignia Financial Group Inc.

"Through our partnership with SiteStuff, Insignia-like other Octane members-expects to realize a decrease in the cost of goods and services as well as reduced operating and transaction costs for our properties," says Farkas. Insignia has been using old-fashioned manual methods to supply its properties.

Michael Stewart, SiteStuff co-founder and CEO, told GlobeSt.com that "based on feedback from other Octane members, we know we are making a positive impact on how property managers and building engineers run cost-effective and efficient properties."The Project Octane alliance had been formed in March 2000 to set the industry standard for the delivery of real estate services through online procurement, transaction management and enterprise resource planning platforms. In July, Octane had invested $30 million in SiteStuff.