TenantBase Blog

Our Story: TenantBase's History, 2014-2021

TenantBase was founded in 2014 to fix an underserved corner of commercial real estate. Here's the company's history through 2021 — milestones, growth, and awards.

By TenantBase

Our Story 2014-2021 — TenantBase Blog Header
TenantBase's history from 2014 to 2021 — from a Nashville beta to a nationally recognized commercial real estate platform.

TenantBase was founded in 2014 in Nashville, Tennessee, by Bennett Washabaugh and Mike Zei, built on a simple observation: small and mid-sized businesses looking to lease commercial space were consistently underserved by a brokerage industry built around large, high-commission deals.1 More than a decade later, that same tenant-first premise still defines the platform.

Quick Facts
  • Founded: 2014, in Nashville, TN
  • Founders: Bennett Washabaugh (CEO) and Mike Zei (COO)
  • Headquarters: Santa Monica, CA
  • Markets: 50+ across the U.S.
  • Recognition: Inc. 5000, PropTech Breakthrough Awards, Business Intelligence Group Product of the Year, and others
Tenants find space, free. Brokers get matched with active requirements.

2014–2016: A Nashville Beta, Then a Bet on Southern California

TenantBase launched its earliest beta in Nashville, Tennessee, offering an office space search and lease-process management tool built specifically for tenants rather than landlords.1 Following that beta, the company was accepted into EvoNexus, a technology incubator in Southern California, and relocated its center of gravity west — first to Newport Beach, then Santa Monica, where the company remains headquartered today.12

By 2016, TenantBase had launched a tool for leasing agents and landlords, moved into its own corporate office, and begun actively hiring for marketing and CRE roles — early signs of a company that had moved past its beta phase.3

2017–2019: National Expansion

TenantBase launched its third national market in Dallas in February 2017, and continued expanding through Atlanta later that year.4 In June 2018, the company raised an oversubscribed $10.7 million funding round led by Stonecutter Capital, which it used to expand its engineering and brokerage teams.5 That funding fueled a rapid multi-market launch — Chicago, Houston, Austin, and Fort Worth all opened within the same window, bringing the company to nine major U.S. cities and more than 100 local brokers by early 2019, up from 28 the year before.6

By mid-2019, the company had grown from a 30-person operation in three markets to more than 120 employees across ten major markets in roughly a year.7

2020–2021: The Partner Broker Model and TenantBoard

Rather than continuing to open a brokerage office in every new market, TenantBase shifted in 2020–2021 to a partner broker model — aligning with established local brokerages, such as Turcotte Real Estate Services in San Antonio and Logic Commercial Real Estate Services in Las Vegas, to provide tenant representation locally while TenantBase supplied the technology and demand.8 This shift let the company expand into new markets far faster than opening its own offices allowed.

The company also invested heavily in TenantBoard, a tool letting the leasing community review and submit space directly to companies actively searching, rather than tenants combing through listings one at a time.8 A 2020 partnership with Yardi's CommercialEdge product extended that active-tenant data feed to a much larger network of brokers and property owners nationally.9

In May 2021, Jim Underhill — formerly CEO of Cresa, the world's largest tenant-only commercial real estate firm, and previously Americas CEO at Cushman & Wakefield — joined TenantBase's leadership as Executive Chairman to help accelerate the company's national growth strategy.10

2021: A Year of Industry Recognition

The partner broker model and TenantBoard investment paid off in a concentrated wave of industry recognition in 2021. TenantBase captured eight awards that year from outlets including Inc., Real Estate Forum, and GlobeSt., along with continued market expansion — the company launched in 20 new markets that year alone, reaching more than 50 total.11

  • 2021 Inc. 5000 — ranked No. 1,404, placing in the top third of the list
  • 2021 PropTech Breakthrough Awards — "Overall Commercial Marketplace of the Year," selected from more than 1,350 nominations across 12 countries12
  • 2021 Business Intelligence Group (BIG) Awards — "Product of the Year"
  • 2021 Real Estate Forum / GlobeSt. Influencers in CRE Technology — CEO Bennett Washabaugh, individual award winner
  • BUILD 2021 Global Real Estate and Property Awards — "Best Commercial Real Estate Marketplace USA"
  • 2021 Real Estate Forum / GlobeSt. "Fifty Under 40" — COO Mike Zei, individual award winner
  • 2021 New World Report Software and Technology Awards — "Most Innovative Commercial Real Estate Platform, USA"
  • Corporate Vision Magazine Corporate Excellence Awards — "Most Outstanding Commercial Real Estate Platform 2022"
    • The Numbers Behind the Momentum (as of 2021)
    $500M+
    In completed commercial lease transactions
    170,000+
    Tenants signed up on the platform
    22%
    Average tenant savings vs. quoted asking rate
    ~60 days
    Average close, vs. a 6-month industry standard

    Figures as self-reported by TenantBase in 2021, consistent across multiple independent press announcements that year.1213

"Several years ago, we set out to become the leading online marketplace for the commercial real estate industry," said Bennett Washabaugh, Co-Founder and CEO of TenantBase, reflecting on 2021's recognition. "It's humbling to see the amount of recognition we've received, which we credit to the hardworking determination of our entire team."11

TenantBase has continued expanding its partner broker network and market coverage in the years since.

Be Part of the Next Chapter

Whether you're a tenant searching for space or a broker looking to grow your business, TenantBase's tenant-first model is built for you.

Frequently Asked Questions

When was TenantBase founded?
TenantBase was founded in 2014 in Nashville, Tennessee, by Bennett Washabaugh and Mike Zei, following a successful beta test of the platform's early office space search and lease management tools.1
Who founded TenantBase?
TenantBase was co-founded by Bennett Washabaugh, who serves as CEO, and Mike Zei, who serves as COO. Both remain in these roles today.
What awards has TenantBase won?
TenantBase has been recognized by the Inc. 5000, the PropTech Breakthrough Awards (Overall Commercial Marketplace of the Year), the Business Intelligence Group's Product of the Year award, and several other industry publications, with the bulk of its recognitions coming in 2021.
How many markets does TenantBase operate in?
TenantBase currently operates in more than 50 U.S. markets, following a rapid multi-year expansion from its original 2014 Nashville launch.
References
  1. ReleaseWire, May 2015. Commercial Real Estate Tech Startup, TenantBase, Expands to Southern California.
  2. Orange County Business Journal, May 2016. Real Estate Startup Exits Incubator to Meet Demand.
  3. ReleaseWire, May 2016. TenantBase Continues Growth in Orange County.
  4. PRWeb, Feb. 2017. TenantBase Grows Exponentially Over 3 Years and Announces Dallas Launch.
  5. PR Newswire, June 2018. TenantBase Announces $10.7M Funding Round.
  6. Connect Media, Jan. 2019. TenantBase Expansion.
  7. Connect Conferences, Aug. 2019. Bennett Washabaugh and Brents Herron Win Next Generation Awards.
  8. TenantBase Press, Jan. 2021. TenantBase Promotes David O'Rell to Chief Strategy Officer.
  9. CREtech, Nov. 2020. CommercialEdge Partners with TenantBase to Accelerate Deal Activity.
  10. Business Insider, May 2021. Jim Underhill Named Executive Chairman of TenantBase.
  11. TenantBase Press, Jan. 2022. 2021 Was an Award Winning Year for TenantBase.
  12. PR Web / Cision, Aug. 2021. PropTech Breakthrough Names TenantBase "Overall Commercial Marketplace of the Year".
  13. Inc. Magazine, Aug. 2021. Inc. 5000: The Most Successful Companies in America. TenantBase figures per the company's own August 2021 announcement.
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