BETHESDA, MD -- CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of information services to the U.S. commercial real estate industry, today announced it is expanding its coverage in the Portland market via acquisition of the assets of REAL-NET.
Based in Portland, OR, REAL-NET is an online, subscription-based information service that currently lists over 3,800 office, industrial and retail properties totaling in excess of 150 million square feet, and approximately 1,350 digital images.
"We're pleased to be able to provide our customers in Portland and the Pacific Northwest with a more complete product offering," stated CoStar president & CEO Andrew C. Florance. "Many of the national and regional brokerage firms operating in Portland already use our data platform as their standard and will benefit from our expanded coverage."
"We want all of our new customers in Portland to know that we are committed to providing high quality data and technology to help them save time and money," Florance continued. "As an established, well-capitalized company, we are able to leverage our national infrastructure to economically deliver comprehensive data and powerful technology to real estate professionals locally, whether they're a sole practitioner or the biggest firm in the market."
CoStar information services are supported by the industry's largest professional research organization. The Company employs over 500 experienced researchers, along with a fleet of 40 field research vehicles that are equipped with proprietary satellite and data-collection technology. According to Florance, a field research vehicle has been deployed in Portland to add additional inventory, monitor properties under construction and update building imagery.
"We believe that our exhaustive approach to research ensures our customers will always have access to the best information available," Florance added.
CoStar has been providing comparable sales data in Portland since 1998 with CoStar COMPS®, the only verified national database of confirmed sale comparables, and began offering information on for-sale listings in 2000 through CoStar Exchange®, an online marketplace for buyers and sellers of investment-grade properties. In addition, many local brokers use CoStar ARES®, contact management software that works as an add-on to ACT!
CoStar plans to start converting REAL-NET customers to the CoStar Property® platform by the end of October, to coincide with the release of CoStar's new Web-based technology. CoStar Property is the industry's most widely used research and navigation tool. More than 40,000 real estate professionals nationwide rely on CoStar Property to identify available space, value assets and accurately position properties in the marketplace. CoStar plans to offer most REAL-NET customers new license agreements locking in their current rates for up to two additional years.
Portland real estate professionals also will have access to CoStar Connect™, technology that provides brokerage firms with software, data and high quality imagery to automatically present their for-lease and for-sale property listings on their corporate Web site. When integrated with the new Web-based CoStar Property, CoStar Connect also acts a private client extranet for brokers to share information with their customers.
REAL-NET was founded in 1993 by Scott B. Napier, a former broker. Napier has agreed to assist CoStar through a brief transition period. CoStar's Portland team will be led by regional director Troy Jones, who is relocating from San Francisco. The transaction does not include VerticalEmail.com, a separate business owned by Mr. Napier. However, CoStar has secured a perpetual license to VerticalEmail.com to supplement its local data collection efforts in Portland.
About CoStar Group, Inc.
Headquartered in Bethesda, MD, CoStar Group, Inc. (NASDAQ: CSGP), is the leading provider of information services to the U.S. commercial real estate industry. CoStar's suite of products offers customers access to the most comprehensive, verified database of commercial real estate information in over 50 U.S. markets. The company has approximately 850 employees and contractors in 32 offices nationally, including the industry's largest professional research organization.