The CombinedCommercial Real Estate Data of CoStar and LoopNet
Posted by dan wagener on Tue, May 10, 2011 @ 03:29 PM
Last week, leading commercial real estate innovators, CoStar and LoopNet announced that they will combine forces to provide a premier online resource for the commercial real estate business.
By merging the various strengths and resources of the two companies, the complementary services will deliver an even more extensive market coverage. The combined companies will be able to deliver enhanced research and analysis to various prospects from the large brokerage corporations down to smaller investors.
CoStar has been an innovator in providing information to facilitate the research and analysis of the commercial real estate industry. Their business model mainly draws the attention of businesses.
On the other hand, LoopNet is a premier source for the marketing of commercial properties. Their property search function on their website is designed to attract individuals.
The two organizations will now be capable of combining expertise to work together and provide online data for researching, marketing, and analyzing commercial properties.
Having the collective research, analysis, business intelligence, and marketing capabilities in one spot extends the information to a variety of customers making the commercial real estate market more comprehensive. Both companies’ board of directors approved the $860 million transaction, which is expected to close the end of this year.
Andrew C. Florance, the Founder and CEO of CoStar stated that this agreement will provide “even more innovation and greater efficiencies by creating the premier Internet solution for the commercial real estate industry.”
Richard Boyle, Chariman and CEO of LoopNet declared, "this transaction combines the capabilities and best practices of two successful and very complementary companies.” By providing enhanced efficiency and collective innovation for individual and companies involved in commercial real estate, the merger will not only benefit the customers, but the shareholders as well.
The aggregate knowledge and capabilities of the two companies address the challenges of the constantly changing industry.