BETHESDA, MD -- CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of information services to the U.S. commercial real estate industry, has signed a multi-market agreement with ProLogis (NYSE: PLD), the largest publicly held global owner and operator of distribution facilities.
Under terms of the agreement, CoStar will provide ProLogis professionals with access to CoStar Property™ and CoStar COMPS® in 27 U.S. markets. CoStar Property is CoStar's comprehensive database of office and industrial properties. The subscription-based service includes thousands of details -- from building characteristics, photos and floor plans to space availabilities and transaction histories -- and serves as a vital source for brokers and owners involved in the ownership, leasing and sales of commercial properties. CoStar COMPS is the industry's only verified database of comparable sales transactions.
ProLogis plans to utilize CoStar services to enhance its capabilities to monitor market activity, analyze supply and demand fundamentals, track portfolio performance and gain market insight.
"We're pleased that ProLogis has selected CoStar Group's information services as a management and research tool," commented CoStar president & CEO Andrew C. Florance. "CoStar Property and CoStar COMPS will provide ProLogis professionals with unparalleled market intelligence."
"With direct access to CoStar's information services, our professionals have a powerful tool to supplement their in-depth market knowledge, and allow them to manage our portfolio efficiently and effectively," said John W. Seiple, Jr., ProLogis' president & COO North America.
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 nationally, including approximately 650 highly trained commercial real estate research professionals in 27 offices.
ProLogis is a leading global provider of integrated distribution facilities and services, with 204.6 million square feet (19 million square meters) of distribution space owned, operating and under development throughout North America, Europe and Japan. ProLogis has built and continues to expand the industry's first and only global network of distribution facilities with the primary objective to increase shareholder value. The company expects to achieve this objective through the ProLogis Operating System® and its commitment to be "The Global Distribution Solution" by providing exceptional corporate distribution services and facilities to meet customer expansion and reconfiguration needs globally. As of September 30, 2001, ProLogis owned, managed or had under development a total of 1,727 distribution facilities in 99 global markets.