CoStar Group

CoStar Group is a provider of information, analytics and marketing services to the commercial property industry in the United States, Canada, the United Kingdom, France, Germany, and Spain.[1] Founded in 1987 by Andrew C. Florance, the company has grown to include online database CoStar and many online marketplaces, including Apartments.com, LoopNet, Lands of America, and BizBuySell.

CoStar Group, Inc.
TypePublic
IndustryTechnology, Commercial property
Founded1987 (1987)
FounderAndrew Florance
HeadquartersWashington, D.C., U.S.
Area served
United States, Canada, United Kingdom, France, Germany, Spain
Key people
Andrew C. Florance, President & CEO
Scott T. Wheeler, CFO
Michael R. Klein, Chairman
Revenue $1.2 billion (2018)
$238 million (2018)
Total assets $3.313 billion (2018)
Total equity $3.022 billion (2018)
Number of employees
3,705 (2018)
Websitecostargroup.com
Footnotes / references
[1]

History

CoStar Group was founded in 1987 by Andrew C. Florance in Washington, D.C.

In 1998, the company became a public company via an initial public offering on the NASDAQ, raising $22.5 million.[2]

In 2004, CoStar Group, Inc. v. LoopNet, Inc. became a landmark case in copyright law.

In October 2009, the company acquired a building in Washington, D.C., now its headquarters, from the Mortgage Bankers Association for $41.3 million. The building had sold 2 years earlier for $79 million and the company claims it used its analytics data to know the right time to buy.[3]

In April 2012, CoStar Group acquired LoopNet for $860 million.[4][5]

In April 2014, the company acquired Apartments.com for $585 million.[6]

In April 2015, the company acquired Apartment Finder for $170 million.[7] In July, the company acquired Belbex an online marketplace and information provider for commercial property based in Spain.

In February 2017, the company acquired Westside Rentals.[8]

In February 2018, the company acquired ForRent.com from Dominion Enterprises for $350 million in cash and $35 million in stock.[9] In October, the company acquired Realla.co an online marketplace for commercial property based in the United Kingdom.[10] In November, the company acquired Cozy Services for $68 million.[11]

In February 2019, the company announced that Oxford Economics will provide the economic data and forecasts used in CoStar’s products.[12] In June, it was announced that CoStar Group would acquire Off Campus Partners, LLC, the leading online marketplace for off campus student housing. In October, it was announced that CoStar Group would acquire STR, Inc, a global leader in hospitality data analytics, for $450 million.[13]

In February 2020, it was announced that CoStar would acquire RentPath for $588 million.[14] Prior names associated with RentPath are K-III and PriMedia Inc. In November, it was announced that CoStar Group acquired Homesnap, a leading residential mobile application provider for $250 million in cash.[15]

References
  1. "CoStar Group, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Crunchbase: CoStar Group". TechCrunch.
  3. Hagerty, James R. (February 6, 2010). "Mortgage Bankers Association Sells Headquarters at Big Loss". The Wall Street Journal.
  4. Sernovitz, Daniel J. (April 30, 2012). "CoStar Group completes LoopNet deal". American City Business Journals.
  5. "CoStar Completes LoopNet Acquisition". National Real Estate Investor. May 1, 2012.
  6. O'Connell, Jonathan (March 3, 2014). "CoStar Group buys Apartments.com for $585 million". The Washington Post.
  7. "CoStar Group to Acquire Apartment Finder to Expand Its Network of Industry Leading Apartment Marketing Websites" (Press release). GlobeNewswire. April 29, 2015.
  8. Ellingson, Annlee (February 2, 2017). "Westside Rentals finds new home at Apartments.com". American City Business Journals.
  9. Neibauer, Michael (February 20, 2018). "Growing CoStar to close its latest buy, this one for nearly $400M". American City Business Journals.
  10. Evans, Judith (October 12, 2018). "US real estate giant CoStar buys UK commercial property portal". Financial Times.
  11. "CoStar Group Acquires Cozy Services Ltd., with Plans to Integrate its Innovative Renter Screening and Rent Payments Solutions into Apartments.com" (Press release). PR Newswire. November 8, 2018.
  12. Sweat, Meagna (February 14, 2019). "CoStar Group Announces Agreement with Oxford Economics" (Press release). Business Wire.
  13. "CoStar Group to Acquire STR, a Global Leader in Benchmarking & Analytics for the Hospitality Industry" (Press release). Business Wire. October 1, 2019.
  14. "Atlanta-based RentPath files Chapter 11, agrees to be bought by CoStar for $588M". February 12, 2020. Retrieved September 23, 2020.
  15. "CoStar Group Agrees to Acquire Homesnap, a Digital Residential Real Estate Solutions Provider Used by 300,000 Agents Responsible for More Than Half of All US Residential Real Estate Sales". Business Wire. Berkshire Hathaway. Retrieved 9 December 2020.
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