December 12, 2003—CoStar Group, Inc. has signed a national, multi-year renewal agreement with CB Richard Ellis, the world’s largest commercial real estate services firm, to provide its full suite of information services to 3,900 CB Richard Ellis professionals in 117 offices nationwide.
CoStar Group is a provider of information services to the commercial real estate industry in the United States and the United Kingdom.
The new agreement combines and expands the separate agreements signed previously by CB Richard Ellis and Insignia/ESG, Inc., which was acquired by CB Richard Ellis in July 2003.
Under the new agreement, all of the former Insignia/ESG professionals at CB Richard Ellis will have access to a broader array of CoStar services than was provided for under the previous license. In addition, the former Insignia/ESG professionals in Atlanta and Cleveland will now have access to CoStar services that were not provided under Insignia/ESG’s license agreement.
Under terms of the agreement, most of CB Richard Ellis’s U.S. professionals will have direct access to the full suite of CoStar information services for their local market, including CoStar Property Professional, which provides a complete inventory of office and industrial properties and sophisticated software to research leasing options, analyze market conditions and position properties in the marketplace; and CoStar Tenant, a database of the detailed tenant information for prospecting and analyses.
Under the multi-year agreement, CB Richard Ellis professionals also will have access to CoStar COMPS Professional, the only verified national database of commercial comparable sales transactions; and CoStar Exchange, the largest verified database of commercial properties for sale.
In addition, many of CB Richard Ellis’s global corporate services professionals will have access to complete national CoStar Property data, enabling them to better serve their multi-market clients.
