BETHESDA, Md., June 9, 2010 - CoStar Group, Inc. (Nasdaq:CSGP), the number one provider of information, marketing and analytic services to commercial real estate professionals in the United States and United Kingdom, today announced that Jeffrey Wells has joined Resolve Technology, a subsidiary of CoStar Group, Inc., as Vice President, AVM Product Development. In this new role, Wells will oversee the development and expected introduction of a new discounted cash flow (DCF) forecasting and valuation solution that effectively integrates the combined capabilities of CoStar’s market and property information and PPR’s analytics and forecasting with Resolve’s real estate investment software expertise.
Over a 30-year period, Wells has been involved in virtually every aspect of the commercial real estate market, and for the past 18 years he played a major role in shaping much of the real estate valuation software in use today. He was one of the original designers of DYNA software, an early foundation to the forecasting and financial analysis segment of the market. Following the formation of commercial real estate software provider Realm Business Solutions, Wells led Realm Business Solutions’ Financial Analysis Division, which included ARGUS and DYNA products.
“We expect that the integration of CoStar’s building-specific data, PPR’s forecasting and analytic capabilities, and Resolve’s software technology will create many great opportunities to elevate the level of information, insight and analysis available to real estate companies today,” said Eric Forman, Resolve Technology’s CEO. “Jeff will be instrumental in providing the vision and overseeing the successful delivery of these benefits to our rapidly expanding customer base.”
The planned DCF forecasting and valuation solution is expected to provide the commercial real estate industry with significantly upgraded capabilities over existing solutions. Incorporating CoStar’s building-specific information and PPR’s analytics and forecasting into the underlying assumptions of a state-of-the-art DCF model should significantly enhance overall model functionality and validity.
“Throughout my career, I’ve had the privilege of working directly with hundreds of real estate clients to create software products that address the needs of a wide range of industry professionals,” Wells noted. “The intellectual, technical, financial and product resources that CoStar, PPR and Resolve bring together make for an extremely powerful combination. I believe this presents a tremendous opportunity to leverage the extensive capabilities each firm brings to the table and deliver advanced DCF forecasting and valuation capabilities that the real estate industry has long been in need of. I am very proud and excited to be part of helping to create the ‘next generation’ in automated valuation modeling software for commercial real estate.”
Prior to joining Resolve Technology, Wells was a member of TIAA-CREF’s Global Real Estate Technology and Operations team. Before that, he spent over 11 years as Executive Vice President of ARGUS Financial Software and DYNA Software and Consulting, where he was responsible for managing the product development, consulting, and sales efforts for these global analytical software firms. Earlier in his career, Wells was the Senior Manager in charge of Real Estate Consulting for the southeast region of the US for KPMG Peat Marwick. He holds a B.S. in Accounting from Western Kentucky University and an M.B.A. from Emory University.
Resolve Technology, a CoStar Group, Inc. (Nasdaq: CSGP) company, helps institutional real estate investors and investment managers make timely and informed decisions that maximize returns and minimize risk. Resolve’s solutions help ensure the timeliness, integrity, and visibility of investment information, enabling historical and forward-looking analysis to be performed with insight, confidence and speed that we believe cannot be achieved with the traditional manual, spreadsheet-intensive processes. Resolve’s products are used by some of the world's leading advisory and investment management firms, REITs, and life insurance, pension fund, and banking institutions. Customers include Behringer Harvard, Glenborough, LaSalle Investment Management, Prudential Real Estate Investors, Principal Global Investors, and UBS. Founded in 1990, Resolve is a wholly owned subsidiary of CoStar Group, Inc., and is headquartered in Needham, MA. For more information, visit www.resolvetech.com.
About Property and Portfolio Research
Property and Portfolio Research (PPR) provides unparalleled expertise and objective thinking in analyzing and forecasting commercial real estate markets. PPR sets the pace in offering independent research, a unique set of analytic tools, and actionable insights to investors on hundreds of global markets in North America, Europe and Asia. Clients, both public and private investors, range from commercial banks and financial institutions to pension funds and insurance companies as well as government and rating agencies. With a dedicated commitment to providing the best in commercial real estate research, PPR's widely respected knowledge of the markets allows clients to stay ahead of market trends, act decisively, and feel confident about their investment decisions. PPR is a wholly owned subsidiary of CoStar Group, Inc. For more information, visit www.pprglobal.com.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information, marketing and analytic 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, CoStar has approximately 1,400 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit www.costar.com.