SAN FRANCISCO-The newest entrants into the virtual real estate transaction industry is a partnership between Bank of America, IBM, Prudential Insurance and locally-based netStruxr. The platform, known as SPACEdirect, is being touted as a “buyer-centric” Web portal designed to shorten transaction times and increase efficiencies for buyers, owners and service providers.

Prior to the current partnership, B of A, IBM and Prudential were already exploring the possibility of developing their own similar application. The three were looking for a technology partner who could provide a workable solution for transactions on the Web, and found it in netStruxr’s SPACEdirect. The three companies have all taken ownership interests in netStruxr.The collaboration brings nearly $3 billion in transaction volume to the SPACEdirect platform.

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