WASHINGTON, March 24, 2011 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP) announced that Jones Lang LaSalle (NYSE:JLL) has signed a new enterprise-wide agreement to expand its use of CoStar Group's comprehensive commercial property, tenant and comparable sales information for the benefit of its domestic client base throughout the United States.
Jones Lang LaSalle is one of the largest providers of real estate and financial services in the world, and has been a major CoStar client since 2000. The firm is committed to delivering expert analysis to its clients through its robust in-house research team that analyzes real estate market conditions using the best available internal and external information resources, including CoStar's research data. Through successive agreements with CoStar over the past decade, Jones Lang LaSalle has consistently added new CoStar services and markets.
Under the newest agreement, Jones Lang LaSalle has increased its total number of CoStar market subscriptions and provided its U.S.-based professionals with full access to all CoStar market subscription services in their local offices. These services include CoStar's flagship property information service, CoStar Property Professional®, as well as CoStar COMPS Professional® and CoStar Tenant®, three industry-leading information services that speed transactions, reduce deal-related costs and improve overall efficiency for real estate professionals.
Jones Lang LaSalle also designated several of its U.S. offices as national subscription sites, with full access to CoStar's complete U.S. data set for CoStar Property and CoStar COMPS. CoStar will continue to host U.S. property listings available on Jones Lang LaSalle's website.
Importantly, the new agreement provides Jones Lang LaSalle with greater flexibility to accommodate growth in the number of its users with access to CoStar's information services for years to come. The firm has recently experienced tremendous growth throughout its Americas region and continues to add strong market hires across its platform worldwide. The firm's expanded access to CoStar's services is expected to increase the level of service its brokers provide to their client base.
"We value our longstanding association with CoStar Group as we deliver integrated commercial real estate services built on insight, sound market research and the extensive knowledge, expertise and experience of our people," said Greg O'Brien, Chief Executive Officer, Americas Brokerage of Jones Lang LaSalle. "We are pleased to make this resource available to all of our associates in the Americas, and the added flexibility is expected to support our growth as we continue to expand our platform."
"We welcome this opportunity to extend our relationship with one of the largest and most respected firms in commercial real estate," stated CoStar Group Founder and Chief Executive Officer Andrew C. Florance. "CoStar is committed to providing our clients with the best available tools for conducting primary research and analysis in our industry. We take enormous pride in the fact that a firm as exceptional as Jones Lang LaSalle continues to value our services to such a high degree and make them available throughout its U.S. organization."
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, .
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information, analytic and marketing services. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide, including the industry's largest professional research organization. For more information, visit .
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, 2010, under the heading "Risk Factors." In addition to these statements, there can be no assurance that CoStar's information services will speed transactions, reduce deal-related costs and improve overall efficiency for real estate professionals; that Jones Lang LaSalle's expanded access to CoStar's services will increase the level of service its brokers provide to their client base and benefit its client base; and that the added flexibility from the new agreement will accommodate Jones Lang LaSalle's growth as they expand. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
CONTACT: ANALYSTS/INVESTORS: Brian J. Radecki Chief Financial Officer (202) 336-6920 bradecki@costar.com MEDIA: Chris Macke Senior Real Estate Strategist (202) 346-6723 cmacke@costar.com