CoStar Buys LoopNet

CoStar and LoopNet will continue to operate under their respective brands, though there will be some shifting of employees between LoopNet’s San Francisco and Los Angeles offices and CoStar’s D.C. headquarters. The exact numbers remain unclear. With CoStar, people think about information, leasing, big U.S. cities. When people think about LoopNet, they think mainstreet commercial real estate and suburb an market sales, said CoStar CEO Andy Florance.

Florance said integrating the behind-the-scenes data will help improve the quality of LoopNet listings. The two companies have sparred in legal battles over copyright issues in the past, but Florance said his perspective and relationship with LoopNet and its CEO Rich Boyle has evolved over time. People typically buy LoopNet for marketing and CoStar for information. I didn’t fully understand that until the mid-2000s and then it became obvious, Florance said. Separately on Wednesday, CoStar reported first-quarter results, posting $59.6 million in quarterly sales, up $1.4 million from a year ago. Net income was $4.5 million, or 22 cents per share, compared with $2.9 million, or 14 cents per share, in the first quarter of 2010. Source: WBJ
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