Cushman & Wakefield Signs New National License Agreement for CoStar's Real Estate Information Services
CoStar Group, Inc. (NASDAQ: CSGP) announced today that it has concluded a national licensing renewal agreement with global real estate leader Cushman & Wakefield. Under the new multi-year agreement, all of the Cushman & Wakefield professionals throughout the United States will now have full access to CoStar's U.S. suite of real estate information services, offering the most comprehensive and detailed database of commercial real estate.
Cushman & Wakefield, one of the world's largest commercial real estate services firms and a recognized leader in global research, has been a CoStar customer for more than two decades. The new agreement marks an extension and expansion of this longstanding business relationship, consolidating and replacing separate agreements with the forerunners of today's Cushman & Wakefield, including DTZ and Cassidy Turley.
"We're very pleased to continue our long-standing association with Cushman & Wakefield, one of the most respected and recognized names in commercial real estate," stated CoStar Group CEO Andrew C. Florance. "Our research team curates and certifies information on approximately $1 trillion of potential real estate transactions, tracking billions of square feet of office, retail and industrial space. The information, marketing and analytic tools we provide result in significant productivity gains for subscribers and help facilitate the vast majority of commercial real estate transactions in the United States. We welcome this opportunity to continue providing our information services to Cushman & Wakefield under this expanded agreement."
"Now, more than ever, our clients rely on deep insights to make decisions about their business," said Joseph Stettinius, Chief Executive, Americas Brokerage and Capital Markets for Cushman & Wakefield. "CoStar is an important part of our full-service platform, representing our commitment to providing best-in-class technology that enriches the deep local knowledge of our professionals."
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com.
About CoStar Group
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. 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. LoopNet is the most heavily trafficked commercial real estate marketplace online with more than 10 million registered members. Apartments.com, ApartmentFinder.com and ApartmentHomeLiving.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Through an exclusive partnership with Move, a subsidiary of News Corporation, Apartments.com is the exclusive provider of apartment community listings across Move's family of websites, which include realtor.com®, doorsteps.com and move.com. CoStar Group's websites attracted an average of nearly 25 million unique monthly visitors in aggregate in the third quarter of 2016. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of approximately 2,800 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar Group's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including without limitation the risk that subscribers' productivity gains resulting from the company's tools are not as expected. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2015, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements, whether as a result of new information, future events or otherwise.
