BETHESDA, MD – September 14, 2007 – CoStar Group, Inc. (NASDAQ: CSGP), the number one provider of information services to the commercial real estate industry, today announced a long-term, enterprise-wide information services agreement with CB Richard Ellis Group, Inc., the world's largest commercial real estate services firm, to deliver CoStar's full suite of verified commercial real estate information services to CB Richard Ellis offices throughout the United States.
The new enterprise-wide agreement marks an expansion of CoStar's longstanding relationship as an information services provider to CB Richard Ellis, and includes additional service offerings and a significant increase in market coverage. Under the agreement, CB Richard Ellis may make CoStar's information services available to all its offices throughout the U.S., including affiliate offices, covering the majority of the more than 200 offices included in CB Richard Ellis' Americas operations.
Under the new agreement, CB Richard Ellis becomes the first major commercial real estate services provider to gain unlimited access to CoStar's entire U.S. database of researched and verified property listings, tenant information, and sales transactions covering every market CoStar tracks. This includes the 81 expansion markets or core-based statistical areas (CBSAs) CoStar announced it plans to add to its U.S. national platform this year, as well as several markets currently researched by CoStar, which were not licensed by CB Richard Ellis under previous subscription agreements with CoStar.
"We are extremely pleased to announce this significant agreement to provide a much broader array of information services covering the entire United States to the world's largest commercial real estate services provider," said CoStar Group President and CEO Andrew C. Florance. "On behalf of all 1,300 employees at CoStar -- who comprise the largest, independent research organization in the industry -- we are looking forward to continuing to serve our largest client as an information services provider."
"We're committed to providing clients with the highest level of service, and that means providing our professionals with the highest quality information, software and technology," commented Christopher R. Ludeman, President of Americas Brokerage for CB Richard Ellis. "With its comprehensive national coverage, extensive research operation and time-saving product offerings, CoStar's information services, when combined with our own proprietary knowledge, provides us with the information resources to serve our clients across the United States."
"Given the number of markets we now cover and the scope and length of term associated with this agreement, this truly represents a landmark achievement for our Company. We are honored by the confidence demonstrated by CB Richard Ellis in the quality of our information and in our service," added Florance.
The agreement provides for thousands of CB Richard Ellis professionals throughout the U.S. to have access to CoStar's comprehensive office, industrial and retail information through CoStar's three primary information service offerings. These include: CoStar Property Professional®, which provides a complete inventory of office, industrial and retail properties and sophisticated software to research leasing options, analyze market conditions and demographic data, and position properties in the marketplace; CoStar Tenant®, a database of the detailed tenant information for prospecting and analyses; and CoStar COMPS Professional®, the only verified national database of commercial comparable sales transactions.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq - CSGP) is the number one provider of information services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, the company has approximately 1,300 employees, including the largest professional research organization in the industry. For more information, visit www.costar.com.