LEX Announces Ric Clark Joins Board of Directors; $6M Seed Continuation

Clark joins a group of real estate stalwarts backing LEX as the company disrupts the commercial real estate industry with its innovative securities marketplace that is powered by Nasdaq.

NEW YORK, NY -- January 13, 2021-- On the heels of its groundbreaking partnership with Nasdaq, LEX, the first and only commercial real estate securities marketplace that takes commercial buildings public via single-asset IPOs, today announced the close of$6.0M in new financing from a group of industry leaders including Ric Clark,Managing Partner of Waterman Clark. Clark also joins LEX’s Board of Directors.  Additional investors participating in the latest financing include Tim Callahan through his family office, Callahan Family Investments, Marty Edelman, Kawawa Capital, Inertia Ventures, Modern Venture Partners, Subversive Capital, Two Lanterns Venture Partners, Gaingels, RAJ Capital, and five-time NFL Pro-Bowler DeAndre Hopkins, among others.

“We are thrilled to welcome Ric to the board during this exciting time for LEX and to expand our deep bench of senior board members with industry veterans who share our vision for the future of the asset class,” said Drew Sterrett, co-founder and CEO of LEX. “Ric has a long-standing track record of leading innovation and growth at one of the industry’s most highly respected firms and we’re incredibly excited that he’s investing both time and capitalinto LEX.”

Clark, an industry veteran for over three decades, joinsan already impressive group of senior advisors at LEX including former NYC Housing Czar and Deputy Mayor Alicia Glen, Paul Hastings Partner Marty Edelman,venture capital pioneer Alan Patricof, and Craig Hatkoff, LEX Chairman and Chief Strategy Officer, an early trailblazer of commercial real estate and mortgage securitization and current board member of Colony Capital and SL Green, two of the country’s largest REITs.

 “I am excited to work with the LEX team as an investor and advisor as they reinvent the capitalization of the commercial real estate asset class,” said Ric Clark. “The LEX platform provides a creative solution to some of the industry’s long-standing pain points and empowers institutional and retail investors with new tools to diversify their portfolios while providing property owners with a unique model of accessing liquidity."

 "We are thrilled to support LEX as they revolutionize how investors participate in the commercial real estate asset class," said venture capital icon Alan Patricof, Co-Founder and Chairman Emeritus of Greycroft, who led the company’s Seed investment in 2019.  "The LEX team has attracted many of the industry's foremost experts to their board and we are incredibly excited to welcome Ric."

 LEX's marketplace provides accredited and non-accredited investors with the opportunity to acquire minority positions in commercial real estate properties via single-asset IPOs. This structure expands access beyond the traditional pool of institutional investors and provides a simplified alternative to public REITs that offer commingled portfolios that may include hundreds of properties. Investments are offered as publicly traded partnership interests, allowing the full tax benefits of direct real estate ownership to pass through to investors. LEX’s securities marketplace, which is powered by Nasdaq’s (NDAQ) market-leading Universal Matching System (UMS), enables institutional and retail investors to directly invest in individual commercial real estate properties.

 In October 2019, LEX closed a $4M seed round co-led by Greycroft and Thor Equities.

About LEX Markets

LEX is a venture-backed commercial real estate securities marketplace.LEX allows both accredited and non-accredited investors to buy and sell shares of individual commercial real estate assets without lockups, starting at $250.The platform is powered by Nasdaq to provide the same robust, low latency, andhigh-performance trading features used by 70+ global markets around the world.LEX allows property owners to unlock equity while retaining operational control of their properties. For more information, please visit www.lex-markets.com.

MediaContacts: For Press Inquiries regarding LEX: BubbaGramkow | bubba@bevelpr.com

January 13, 2021


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