Bethesda, MD and St. Paul, MN (Vocus) May 15, 2010
CoStar Group, Inc. (NASDAQ:CSGP) has signed a multi-year agreement to provide its industry leading property, tenant and comparable sales information to Suntide Commercial Realty, Inc., one of the premier real estate services firms serving the greater Minneapolis/St. Paul market.
Under the agreement, Suntide professionals will gain access to CoStar Property Professional ®, the most complete inventory of commercial properties in the United States of all asset types, providing subscribers with sophisticated software to research leasing options, analyze market conditions and demographic data, and position properties in the marketplace. Suntide also will have access to CoStar Tenant®, a database of detailed tenant information for prospecting and analyses, and CoStar COMPS Professional®, the only verified national database of comparable sales transactions.
“Suntide gains access to CoStar’s entire suite of services, including CoStar’s flagship product, CoStar Property Professional, which provides a high level of commercial property information, including for-lease and for-sale properties, fully leased properties, historical data, key tenants, building photos, maps and floor plans,” said John Stanfill, Senior Vice President, Sales and Customer Service at CoStar Group.
Suntide prides itself in its use of technology to provide best-in-class service to its clients. Its subscription to CoStar’s services is expected to play a pivotal role in the company’s advanced ability to analyze the financial implications of real estate alternatives, provide sensitivity analysis and develop broker opinions of value utilizing current and historical market data and trends.
Through its subscription to CoStar Property Professional, Suntide can quickly and easily create customized presentations on pertinent properties in Minneapolis and can search available space and property listed for-sale across all property types, including office, industrial, retail and multi-family, by size, building class, asking rent, vacancy, cap rates and more. And because CoStar includes information on all commercial buildings in its database, not just a limited dataset of properties listed for sale or for lease, subscribers can uncover potential opportunities by identifying all buildings in the database that meet their criteria.
Suntide can also access analytics in order to identify or forecast trends by building or market and review Minneapolis/St. Paul market reports on office, industrial and retail properties. Additionally, Suntide’s subscription allows the company to track competing properties by comparing vacancies, absorption, broker activity and more. The CoStar Professional Directory® enables Suntide brokers to access detailed information on real estate contacts and companies throughout the market.
CoStar Tenant provides Suntide with drilled-down information on potential tenants and those likely to be in play and serves as an outlet for marketing properties. CoStar COMPS Professional is expected to further enhance Suntide’s market knowledge to the benefit of its clients by providing access to CoStar’s extensive database of researched and verified commercial real estate sale transactions, as well as CoStar’s powerful analytic capabilities that enable Suntide to easily identify market trends and indicators. Through use of CoStar Tenant, Suntide can also easily identify and contact buyers, sellers, and even lenders that have been most active in the Minneapolis/St. Paul area.
“The Costar platform, which significantly enhances market information for our clients, was a tipping point for us when signing on. CoStar’s services provide the most accurate and updated information available in an ever-changing commercial real estate environment,” said Stephen C. Dombrovski, CSM, CMD, president and principal of Suntide Commercial Realty. “Bottom line is we have savvy clients who expect the best. When we looked at commercial real estate data providers, Costar came out ahead due to their quality data, ongoing support, high-res images, and innovative reporting, including customized reports and extensive charts and graphs.”
About Suntide Commercial Realty, Inc.
Suntide Commercial Realty, Inc. is a locally owned mid-size commercial real estate firm providing its services in St. Paul-Minneapolis, as well as greater Minnesota. The company’s specialists assist in office, industrial and retail leasing for both tenants and landlords and its full service office and retail property management is second to none. For more information, visit http://www.suntide.com.
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 Bethesda, Md., CoStar has approximately 1,400 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, 2009, and CoStar’s Form 10-Q for the quarter ended March 31, 2010, under the heading "Risk Factors." In addition to these statements, there can be no assurance that Suntide’s subscription to CoStar services will create or enhance Suntide’s advanced ability to analyze the financial implications of real estate alternatives, provide sensitivity analysis and develop broker opinions of value; that CoStar COMPS Professional will further enhance Suntide’s market knowledge to the benefit of its clients; that CoStar’s powerful analytic capabilities will enable Suntide to easily identify market trends and indicators; and that Suntide will be able to easily identify and contact buyers, sellers, and even lenders that have been most active in the Minneapolis area. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
Brian J. Radecki
Chief Financial Officer
Senior Director, Media Relations
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