PRESS RELEASE DETAIL


Jul 11, 2011

LoopNet Stockholders Approve Combination With CoStar

WASHINGTON and SAN FRANCISCO, July 11, 2011 -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information and analytic services, and LoopNet, Inc. (Nasdaq:LOOP), the leading online commercial real estate marketplace, announced today that the stockholders of LoopNet have approved the adoption of the merger agreement with CoStar previously announced on and dated April 27, 2011.

WASHINGTON and SAN FRANCISCO, July 11, 2011 -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information and analytic services, and LoopNet, Inc. (Nasdaq:LOOP), the leading online commercial real estate marketplace, announced today that the stockholders of LoopNet have approved the adoption of the merger agreement with CoStar previously announced on and dated April 27, 2011.

"All of our customers, large and small firms alike, are expected to benefit from more comprehensive market coverage and greater exposure for their listings when these two great companies are combined," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "We are combining two industry leading platforms to better serve the vast commercial real estate market. We anticipate the combination also will provide cross-selling opportunities as well as cost savings which we believe will increase stockholder value."

"We are pleased that our stockholders overwhelmingly approved the combination with CoStar," said Richard Boyle, Chairman and Chief Executive of LoopNet. "CoStar and LoopNet together will work to maximize customer value with highly complementary operations."

The commercial real estate market is one of the largest asset classes in the United States with over $11 trillion in value and the potential size of the industry providing marketing and information services to commercial real estate professionals is approximately $30 billion, according to CoStar. Based upon results reported for the first quarter of 2011, the combined companies have annualized revenue of approximately $321 million.

The merger is expected to close by the end of 2011. Completion of the merger is subject to the xpiration or termination of the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvement Act of 1976 and the satisfaction or waiver of the other closing conditions specified in the merger agreement.

The number of votes cast for adoption of the merger agreement represented approximately 75% of the aggregate voting power of LoopNet's common stock and Series A Convertible Preferred Stock (on an as-converted basis) outstanding and entitled to vote at the LoopNet special stockholders' meeting. Of the votes cast, 99.6% voted in favor of adoption of the merger agreement.

About CoStar Group, Inc.

CoStar Group is commercial real estate's leading provider of information and analytic services. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.

About LoopNet, Inc.

LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than 5 million registered members and more than 2 million unique monthly visitors quarterly, as reported by Google Analytics. The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Apartment Realty Advisors, Cassidy Turley, CB Richard Ellis, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.




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