BrokerageDealmakingProptechReal Estate Tech

SquareFoot appoints new CEO

Colacino takes over following departure of founder Jonathan Wasserstrum.

SquareFoot, a commercial real estate brokerage and marketplace for office space, today announced appointing Michael Colacino as CEO, according to a press release shared with FinLedger.

The company says that Colacino, who joined the company as president in 2019 and succeeds founder Jonathan Wasserstrum, will now help lead the company forward by evolving its platform and recruiting experienced brokers across the country.

It also said that SquareFoot will deploy recently raised equity and debt capital to hire brokers “who have a clear vision of the industry’s future.” The company also raised a $16 million Series B led by DRW VC in late 2019, following a $7 million Series A in 2018.

“Michael is a highly-respected colleague I have long admired,” stated SquareFoot founder and former CEO Jonathan Wasserstrum, in the release. “I can’t think of a better person to lead SquareFoot through its next phase of growth and pave the way for the future of commercial real estate.” Wasserstrum will assume the role of chairman and continue to support SquareFoot’s development as a PropTech industry leader in technology-enabled brokerage services.

Prior to joining the company in 2019, Colacino served as president at Savills Studley, where he led and created teams for large-scale tenant representation, capital markets and construction project management. The release states he also has more than three decades of experience in transaction execution, hiring and training brokers, and integrating tech solutions into commercial real estate processes.

“I am excited to lead SquareFoot as CEO as we jump to the next level of scale and revenue,” Colacino said. “SquareFoot has a unique ability to aggregate tenant demand. Our position allows us to serve office space users as they adapt to the new world of office work.” 

In other recent proptech news, JLL released its 2022 Future of Work Survey, detailing industry sentiment among commercial real estate leaders. Matterport also announced partnering with TD SYNNEX to expand its digital twin technology to new enterprise clients.

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