WASHINGTON, Oct. 5, 2010 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the number one provider of information, marketing and analytic services to the commercial real estate industry (CRE), today announced the opening of a new office at 33 Arch Street in Boston, Mass. The new location facilitates the integration of CoStar with two of its subsidiary companies: Property and Portfolio Research, Inc. (PPR), a leading provider of global real estate analysis, market forecasts and credit risk analytics to the CRE industry; and Resolve Technology, a top provider of business intelligence and portfolio management software serving the institutional real estate investment industry.
On Sept. 24, CoStar, PPR and Resolve Technology employees moved into the 25,000 square-foot suite at 33 Arch Street, which is one of just eight Leadership in Energy and Environmental Design (LEED) certified buildings in the Boston Financial District. In addition, CoStar's build-out of its space was completed to LEED Platinum specifications. The Boston office is a strong complement to the new CoStar headquarters office in Washington, D.C., which is also LEED certified.
"CoStar's relocation to 33 Arch Street is a strategic move toward a more powerful, integrated set of solutions for our customers, enabling them to benefit from greater collaboration between our various business units," stated CoStar Group CEO Andrew C. Florance. "Boston has, for nearly two decades, been a key U.S. market for CoStar, and the geographical integration of our personnel will further our ability to effectively meet the high demand that exists for quality analytics, forecasting, investment risk analysis, and portfolio management through the development of next generation products and services."
In addition to paving the way for greater collaboration between CoStar, PPR and Resolve in efforts to serve the Boston area clients, the larger space will provide the company with the perfect venue to host client events and provide networking opportunities for clients of all three organizations.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information, marketing and analytic 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 Washington, D.C., CoStar has approximately 1,500 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit CoStar Group.
About Property and Portfolio Research
Property and Portfolio Research (PPR) provides unparalleled expertise and objective thinking in analyzing and forecasting commercial real estate markets. PPR sets the pace in offering independent research, a unique set of analytic tools, and actionable insights to investors on hundreds of global markets in North America, Europe and Asia. Clients, both public and private investors, range from commercial banks and financial institutions to pension funds and insurance companies as well as government and rating agencies. With a dedicated commitment to providing the best in commercial real estate research, PPR's widely respected knowledge of the markets allows clients to stay ahead of market trends, act decisively, and feel confident about their investment decisions. PPR is a wholly owned subsidiary of CoStar Group, Inc. For more information, visit PPR.
About Resolve Technology
Resolve Technology, a CoStar Group, Inc. (Nasdaq:CSGP) company, helps institutional real estate investors and investment managers make timely and informed decisions that maximize returns and minimize risk. Resolve's solutions help ensure the timeliness, integrity, and visibility of investment information, enabling historical and forward-looking analysis to be performed with insight, confidence and speed that we believe cannot be achieved with the traditional manual, spreadsheet-intensive processes. Resolve's products are used by some of the world's leading advisory and investment management firms, REITs, and life insurance, pension fund, and banking institutions. Customers include Behringer Harvard, Glenborough, LaSalle Investment Management, Prudential Real Estate Investors, Principal Global Investors, and UBS. Founded in 1990, Resolve is a wholly owned subsidiary of CoStar Group, Inc. For more information, visit Resolve Technology.
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, 2009, and CoStar's Form 10-Q for the quarter ended June 30, 2010, under the heading "Risk Factors." In addition to these statements, there can be no assurance that combining CoStar, PPR and Resolve into a single office location will result in the development of an integrated set of analytic tools and services that effectively meet the high demand that exists for quality forecasting and investment risk analysis; or that such combination will pave the way for greater collaboration between software development, research and economic analysis and forecasting that will provide CoStar's multi-national client base with even greater commercial real estate information and analysis. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.