SAN FRANCISCO, CA - LoopNet, Inc, 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: All 766,000 listings being actively marketed for sale or lease on LoopNet. All 7.5 million property records in LoopNet's new Property Research Database. All 1.1 million-plus RecentSales transaction comparables.
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 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.
Source: LoopNet