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CB Richard Ellis Selects CoStar as Data Standard for U.S. Operations
Signs National, Multi-Year Agreement For Full Suite of CoStar Information Services
BETHESDA, MD -- (March 4, 2002) -- CoStar Group, Inc. (Nasdaq: CSGP, Research, SEC Filings) has signed a national, multi-year agreement with CB Richard Ellis to provide its full suite of information services to CB Richard Ellis professionals in 36 major U.S. markets.
CoStar Group is a provider of information services to the U.S. commercial real estate industry. CB Richard Ellis is a vertically integrated international commercial real estate services firm.
Under terms of the agreement, thousands of CB Richard Ellis professionals will be able to access CoStar PropertyTM, a complete inventory of office and industrial properties, to research leasing options and analyze market conditions; and CoStar Tenant®, a database of the comprehensive, detailed tenant information for business-to-business prospecting and analyses. Under the multi-year agreement, CB Richard Ellis professionals also will have access to CoStar ExchangeTM, a database of properties for sale, and CoStar COMPS®, a national database of comparable sales transactions.
| "We're honored that CB Richard Ellis has selected CoStar to provide its professionals with our comprehensive suite of information services," said Andrew C. Florance, CoStar's president & CEO. "CB Richard Ellis has been one of our largest clients for many years, and this new agreement represents a significant expansion of our previous relationship. Leading firms like CB Richard Ellis are realizing that CoStar provides brokers with not only the essential supply and demand data, but also powerful software and technology that allow brokers to more efficiently complete transactions. We look forward to building on this mutually beneficial relationship." |  |
| Andrew C. Florance | |
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"We're committed to providing our clients with a high level of service, and that means providing our professionals with quality information, software and technology," commented CB Richard Ellis CEO Raymond Wirta. "With CoStar's comprehensive national coverage and product offerings, we can equip our brokers with sophisticated tools across our entire U.S. platform." |
| Raymond Wirta |
In addition, CB Richard Ellis has licensed CoStar ConnectTM to present its brokers for-lease and for-sale listings on the CB Richard Ellis Web site www.cbre.com. "With CoStar's research staff maintaining the property listings on our Web site, our clients will have access to complete, up-to-date information and our professionals will be able to devote their full attention to providing their clients with the high-quality service they deserve," Wirta added.
Headquartered in Bethesda, Md., CoStar Group, Inc. (Nasdaq: CSGP), has approximately 850 employees and contractors nationally, including approximately 650 commercial real estate research professionals in 27 offices.
CB Richard Ellis Services, Inc., is an international real estate services firm. Headquartered in Los Angeles with 9,700 employees worldwide, the company serves real estate owners, investors and occupiers through 250 offices in 44 countries. Services include property sales and leasing, property management, corporate services and facilities management, mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting.