SAN FRANCISCO, July 28 /PRNewswire-FirstCall/ -- LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace, today announced that CB Richard Ellis, the world's largest commercial real estate services firm, has signed a long-term Enterprise Search agreement to gain access to LoopNet's complete suite of information services. The agreement provides all CB Richard Ellis employees with access to:
The signing of this Enterprise Search agreement marks a milestone in LoopNet's expansion from the industry's leading marketplace, connecting brokers with other brokers, buyers and tenants of commercial real estate, into a leading information services provider. LoopNet's objective is to help customers make better decisions, save money, and work more efficiently by providing them with the most affordable and comprehensive database of commercial properties in the industry.
"We are extremely pleased to have CB Richard Ellis, the largest commercial real estate services firm, choose us as a key property information resource," said Thomas Byrne, LoopNet's President and COO. "By choosing to make all of LoopNet's information services available to all of their brokerage, appraisal, and research professionals, CBRE is recognizing the extraordinary value that LoopNet's information solution platform delivers."
This agreement provides CBRE professionals with a single source to identify available listings and research building ownership, tenant, lender, tax and assessed values, and other data on over 7.5 million properties, and search for recently completed transactions.
Terms of this agreement have not been disclosed but are reflected in LoopNet's financial guidance, issued on July 28, 2010.
LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 4 million registered members and approximately 5 million unique visitors quarterly as reported by Google Analytics. LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records.
The LoopNet marketplace, available at http://www.LoopNet.com, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. As of Q1 2010, the LoopNet marketplace featured more than $450 billion of property available for sale and 6.7 billion square feet of space for lease.
LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including CB Richard Ellis, Cassidy Turley, Century 21 Commercial, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, Marcus & Millichap, NAI Global, ProLogis, RE/MAX, Sperry Van Ness, The Shopping Center Group and JJ Studley Retail.
This release contains forward-looking statements regarding the anticipated benefits of LoopNet's corporate partnerships, our efforts to differentiate our online commercial marketplace, deliver increasing value to our customers, and the exposure for available properties listed on our marketplace. These statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to, the accessibility and functionality of our new commercial property database, ongoing volatility in the commercial real estate market, whether additional services or increased traffic will lead to new registered members, and our ability to convert them into Premium Members and retain them, our ability to continue to attract unique visitors to our web site, our ability to obtain or retain listings from commercial real estate brokers, agents and property owners, competition from current or future companies, seasonality and our ability to manage our growth. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our filings with the Securities and Exchange Commission (SEC). Copies of filings made by us with the SEC are available on the SEC's web site or at http://investor.LoopNet.com/sec.cfm. LoopNet does not intend to update the forward-looking statements included in this press release that are based on information available to us as of the date of this release.
For more information contact:
Cary Brazeman, 310-205-3590
SOURCE LoopNet, Inc.