Octane Ventures founds e-business, gains new CEO

CHICAGO, DALLAS, LOS ANGELES & NEW YORK – Octane Ventures LLC has entered into a strategic partnership with Waltham, Mass.-based WorkplaceIQ as it prepares to launch its on-line real estate transaction services platform. WorkplaceIQ’s software infrastructure will be the backbone of the integrated real estate and management tools in Octane’s e-business tool. The initial launch of the service is scheduled for the fourth quarter of this year, and the full-market release is slated for early 2002.

Octane Ventures also has named Internet and e-business guru James. J. Huser as CEO, effective June 26. Huser plans to lead strategic planning, organizational development and the integration of WorkplaceIQ’s new infrastructure.

Octane’s four founding firms—CB Richard Ellis, Insignia/ESG, Jones Lang LaSalle Inc. and Trammell Crow Co.—each have invested $2.5 million, a $10 million total, in a non-controlling minority stake in the new company. The on-line platform, which is designed to meet the needs of commercial real estate owners, investors, tenants, brokers and service providers, will provide management tools to automate key tasks, reduce paperwork and streamline administrative procedures. Octane expects these benefits to minimize the time needed to close commercial real estate transactions.

Huser previously worked as COO, senior vice president and general manager at US Interactive, a professional services Internet company. He was also vice president of the Information Technology Strategy Practice for Cambridge Technology Partners, chief information officer for the Consumer Products Division of Walt Disney Co. and vice president of corporate information services for Disney.

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