CoStar Group Signs Nation's Largest Office Property Owner to Long-Term National Agreement
July 28 2005 - 11:02AM
PR Newswire (US)
CoStar Group Signs Nation's Largest Office Property Owner to
Long-Term National Agreement Equity Office Properties Trust Renews,
Expands Multi-Market Agreement BETHESDA, Md., July 28
/PRNewswire-FirstCall/ -- CoStar Group, Inc. (NASDAQ:CSGP) today
announced that Equity Office Properties Trust (NYSE:EOP), the
nation's largest office building owner and manager, is extending
and expanding its relationship with CoStar under a new three-year
license agreement. The new agreement renews services for Equity
Office professionals throughout the U.S., and provides Equity
Office's headquarter office with expanded national access to CoStar
Property(R) and CoStar Tenant(R). CoStar believes national access
to its comprehensive leasing, sales and tenant information will
give Equity Office further insight into market conditions and
complex tenant variables. "We are pleased to grow our relationship
with one of the industry's premier office building owners," stated
CoStar Group President & CEO Andrew C. Florance. "Equity Office
is on the leading edge with regard to formulating leasing
strategies. We believe CoStar's information can contribute to their
program development and decision making." "CoStar's comprehensive
property and tenant information gives us tremendous insight into
what is going on in the markets and in competitive properties,"
stated Tom Bakke, Senior Vice President of National Leasing &
Marketing at Equity Office. "This information is helpful in making
decisions to maximize the income potential of available space in
our properties." Under the agreement, CoStar is providing Equity
Office professionals in 23 U.S. offices with access to CoStar
Property Professional(TM), CoStar's comprehensive database of
office, industrial and retail properties, and CoStar's entire
national inventory of for-sale listings. In addition, some Equity
Office professionals have access to CoStar Tenant, a detailed
business- to-business prospecting and analytical tool providing
commercial real estate professionals with comprehensive tenant
information. Equity Office Properties Trust is the largest real
estate investment trust (REIT) in the United States. The company
owns approximately 650 properties comprising more than 110 million
square feet of office space in the country's major metropolitan
markets. About CoStar Group, Inc. CoStar Group, Inc., (NASDAQ:CSGP)
is the leading provider of information services to commercial real
estate professionals in the United States and the United Kingdom.
CoStar's suite of services offers customers access via the Internet
to the most comprehensive database of commercial real estate
information on over 60 U.S. markets, London and the United Kingdom.
Based in Bethesda, MD, the company has approximately 1,000
employees throughout the United States and the United Kingdom,
including the largest professional research organization in the
industry. 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 assumptions, risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking 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-Q for the
period ended March 31, 2005, under the heading "Risk Factors." In
addition to these statements, there can be no assurance that
national access to comprehensive leasing, sales and tenant
information will give Equity Office further insight into market
conditions and complex tenant variables. All forward-looking
statements are based on information available to CoStar on the date
hereof, and CoStar assumes no obligation to update such statements.
DATASOURCE: CoStar Group, Inc. CONTACT: Mark A. Klionsky, Senior
Vice President, of CoStar Group, Inc., +1-301-280-3898, or Web
site: http://www.costar.com/
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