BETHESDA, Md., Feb. 18, 2009 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the number one provider of information/marketing services to the commercial real estate industry, today announced that it has signed a multi-year enterprise-wide agreement to remain one of Cushman & Wakefield's leading providers of information services. Under the long-term renewal agreement, CoStar will continue to provide Cushman & Wakefield professionals throughout the United States a full complement of fully researched and verified commercial real estate information services.
Cushman & Wakefield, the world's largest privately held commercial real estate services firm and a recognized leader in global research, has been a CoStar customer since 1996. The new agreement marks an extension and expansion of this longstanding business relationship, as it includes additional service offerings and an increase in the number of licensed markets. Under the agreement, Cushman & Wakefield professionals will have access to CoStar's comprehensive commercial real estate information for all U.S. markets licensed by Cushman & Wakefield and its partner firms through the Cushman & Wakefield Alliance.
"CoStar is very pleased to continue our long-term association with one of the largest and most prestigious companies in commercial real estate," stated CoStar Group CEO Andrew C. Florance. "CoStar's comprehensive national coverage and proven research methodologies have produced the most accurate and detailed database of U.S. commercial real estate. Our information services provide significant productivity gains for subscribers, as well as unparalleled insight into fast-changing market conditions and highly effective property-marketing solutions. We welcome this opportunity to continue providing our information services to Cushman & Wakefield under this expanded agreement."
"Extending our long-term relationship with CoStar enables us to equip our research, valuation and brokerage professionals with the highest quality data while maximizing the investment we've made to enhance our own extensive research and analysis," said Robert Balachandran, Cushman & Wakefield's chief administrative officer. "We are committed to empowering our professionals with the best research tools and information available. With CoStar as an information partner, our professionals can devote more time to what they do best, analyzing data and devising strategies that benefit our clients."
About Cushman & Wakefield, Inc.
Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 227 offices in 59 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information/marketing 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 1,300 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit http://www.costar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. 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 CoStar's Form 10-K for the year ended December 31, 2007, and CoStar Form 10-Q for the quarter ended September 30, 2008, under the heading "Risk Factors." In addition to these statements, there can be no assurance that CoStar's information services will provide significant productivity gains for all subscribers; that CoStar's information services will provide unparalleled insight into fast-changing market conditions and highly effective property-marketing solutions for all subscribers; that by using CoStar's services all subscribers will be able to devote more time to analyzing data and devising strategies that benefit their clients. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
CONTACT: CoStar Group, Inc. Analysts/Investors: Brian J. Radecki - Chief Financial Officer (301) 664-9132 firstname.lastname@example.org Media: Timothy J. Trainor - Communications Director (301) 280-7695 email@example.com