CoStar Group completes acquisition of LoopNet
- May 3, 2012
Combine commercial real estate’s leading provider of information with the industry’s leading online commercial marketplace and what do you get?
A combined company that will be “the premier resource for researching, analyzing, and marketing commercial real estate properties online.” That’s how CoStar Group Inc’s CEO Andrew C. Florance characterized the company’s acquisition of LoopNet, which closed April 30, following regulatory reviews.
In a statement on the deal, first announced more than a year ago in April 2011, Florance said that Washington, D.C.-based CoStar is now positioned “to provide more widespread market coverage for customers ranging from large, national brokerage firms, property owners and institutional players to small, local brokers, owners and investors.”
CoStar operates the country’s largest commercial real estate information database with 81.8 billion square feet of office, retail and industrial inventory, 1.5 million listings and 12.7 million images.
LoopNet.com is the industry’s largest and most heavily trafficked online marketplace with 5.8 million registered members and 3.6 million unique monthly visitors, according to Google Analytics.
The combined company will retain the name CoStar Group, Inc. and will continue to trade on the NASDAQ Global Select Market under the ticker symbol CSGP. CoStar said it plans to continue operating LoopNet as a separate brand.