AUSTIN, TX -- SiteStuff, Inc., the leading e-procurement solution for the commercial real estate industry, announced today that commercial real estate services company Insignia/ESG has selected SiteStuff as its Web-based procurement source.

Concurrently with the choice to make SiteStuff its procurement source, an affiliate of Insignia/ESG invested $735,000 in SiteStuff. With its investment and purchasing commitment, Insignia/ESG joins fellow Project Octane partners--Jones Lang LaSalle, CB Richard Ellis and Trammell Crow Company--in pledging to purchase property-management maintenance, repair and operations (MRO) products and services through SiteStuff for the benefit of clients in the United States.

Insignia/ESG, a subsidiary of Insignia Financial Group, Inc. (NYSE: IFS), provides management and leasing for more than 230 million square feet of commercial real estate across the United States. Andrew Farkas, chairman and chief executive officer of Insignia Financial Group, has joined the SiteStuff Board of Directors.

"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," said Farkas. "The expected savings are a result of converting our traditional manual procurement processes to the Web-based system developed by SiteStuff, which should improve operating efficiency for the properties we manage and our company as a whole."

"Insignia's choice to purchase through SiteStuff and invest in our company serves to further validate our business model, augment our growth and strengthen our position as the leading e-business solution for the real estate industry," said Michael Stewart, co-founder and chief executive officer of SiteStuff. "SiteStuff now has four of the five largest property management firms as customers. With the kind of vigorous and steady support that we are seeing from our customers, we will continue our mission to deliver the most efficient and cost-effective method for the industry's purchasing."

Since the launch of its purchasing-capabilities store in June 2000, SiteStuff has established a solid customer base made up of the industry's leading property-management firms. In addition to Insignia/ESG, the company's customers include Jones Lang LaSalle Inc., CB Richard Ellis, Trammell Crow Co., Lend Lease Apartment Management, Macfarlan Real Estate Services, PM Realty, Summit Properties and others controlling more than 2.8 billion square feet of commercial and multi-family real estate space. Currently, SiteStuff is successfully rolling-out its e-procurement solution to its customers whose purchases have helped SiteStuff consistently exceed projected revenues.

"In July, the Octane alliance joined forces with SiteStuff to create the e-business standard for the real estate services industry. With the SiteStuff solution now deployed at many of Octane's properties, we are seeing first hand the tremendous cost- and time-savings SiteStuff provides," said Mark Rose, chief innovation officer, Jones Lang LaSalle Incorporated (NYSE: JLL). "Like the other Octane members, Insignia will find that SiteStuff is a powerful industry resource equipped with all the necessary tools that property managers and building engineers need to run a cost-effective and efficient building."

SiteStuff recently acquired RexOffice.com, Inc., an Internet-based building operating system that connects commercial office buildings and property managers with their tenants. The RexOffice platform will allow SiteStuff to provide a secure, password-protected extranet for building owners and managers to store and share files and reports, and enables buildings to create their own web site--streamlining communications. RexOffice was a wholly-owned subsidiary of EdificeRex.com, Inc. a company founded by Farkas.

A study by Deloitte Consulting found that SiteStuff decreases transaction costs for commercial office property management companies by more than 70 percent per order, and for multi-family property management companies by more than 55 percent per order. SiteStuff was recognized as "One of the Most Promising Business-to-Business Web Sites" in Forbes Magazine's recent "Best of The Web" listing and was listed on Localbusiness.com's "50 To Watch" list for 2001.