CoStar Group, Inc. Announces Plans to Relocate Atlanta Office to Phipps Tower
WASHINGTON, Nov. 8, 2012 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP),
commercial real estate's leading provider of information, analytics and
marketing services, today announced that it has leased 26,800 square feet of
space at Phipps Tower at 3438 Peachtree Road in Atlanta, Georgia. Beginning in
January 2013, Phipps Tower will be the new home for CoStar's Atlanta sales and
research staff, as well as employees from its Virtual Premise subsidiary,
bringing the combined number of employees in Atlanta to approximately 70. The
11-year lease was brokered by Kirk Diamond, Bradley Fulkerson and April
Hawkinson of Cassidy Turley Commercial Real Estate on behalf of CoStar. John
Bell and Sara Terry of Crescent Resources, LLC represented the landlord.
"Atlanta is an important market for CoStar," stated CoStar Group Founder and
CEO Andrew C. Florance. "We have had a major presence there since 1999, and we
have continued to increase our physical presence there, reflecting our
commitment to thousands of customers in that market. With its convenient
location, prominent signage and proximity to amenities, Phipps Tower is a
perfect fit for our needs as a company."
In addition to offering exceptional amenities, the Class-A building also
reflects CoStar's commitment to the environment. The building is LEED Gold
-certified for energy conservation and environmental sustainability, with
features that minimize utility consumption and improve air quality. The
structure boasts low-maintenance and drought-resistant green space, and a
five-level, below-grade parking deck that accommodates more than 1,000 cars
and includes preferential spaces for carpools, bike racks and locker-room
facilities for bicyclists, as well as elevator access from each level to the
Phipps Tower is owned by John Hancock, the U.S. unit of Manulife Financial
Corporation. CoStar's space was designed by Perkins + Will of Washington, DC.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of
information, analytics 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. Through LoopNet, the Company operates the most heavily
trafficked commercial real estate marketplace online with more than 6.4
million registered members and 3.5 million unique monthly visitors.
Headquartered in Washington, DC, CoStar maintains offices throughout the U.S.
and in Europe including the industry's largest professional research
organization. For more information, visit www.costar.com.
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 based upon current
beliefs and are subject to many risks and uncertainties that could cause
actual results to differ materially from these statements, including, among
others, the possibility that CoStar will not continue to increase its physical
presence or its commitments to thousands of customers in the Atlanta
market.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 Annual Report on Form 10-K for the year ended December 31, 2011, and
CoStar's Quarterly Report on Form 10-Q for the quarter ended September 30,
2012, under the heading "Risk Factors" section of each of these filings. All
forward-looking statements are based on information available to CoStar on the
date hereof, and CoStar assumes no obligation to update such statements,
whether as a result of new information, future events or otherwise.
CONTACT: Richard Simonelli
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