CoStar, CB Richard Ellis reach service agreement. (Technology Update).

CoStar Group, Inc. has signed a national, multi-year agreement with GB Richard Ellis to provide its full suite of information services to CB Richard Ellis professionals in 36 major U.S. markets.

CoStar Group is the leading provider of information services to the U.S. commercial real estate industry. CB Richard Ellis is the largest vertically integrated commercial real estate services firm worldwide. Under terms of the agreement, thousands of CB Richard Ellis professionals will be able to access CoStar Property(tm), a complete inventory of office and industrial properties, to research leasing options and analyze market conditions; and CoStar Tenant [R], a database of the most comprehensive, detailed tenant information for business-to-business prospecting and analyses. Under the multi-year agreement, GB Richard Ellis professionals also will have access to CoStar Exchange(tm), the largest, most comprehensive database of properties for sale, and CoStar GOMPS [R], the only verified national database of comparable sales transactions.

"We're honored that CB Richard Ellis has selected CoStar to provide its professionals with our comprehensive suite of information services," said Andrew C. Florance, CoStar's president & CEO. "GB Richard Ellis has been one of our largest clients for many years, and this new agreement represents a significant expansion of our previous relationship. Leading firms like CB Richard Ellis are realizing that CoStar provides brokers with not only the essential supply and demand data, but also powerful software and technology that allow brokers to more efficiently complete transactions. We look forward to building on this mutually beneficial relationship."

"We're committed to providing our clients with a high level of service, and that means providing our professionals with quality information, software and technology," commented CB Richard Ellis CEO Raymond Wirta. "With CoStar's comprehensive national coverage and product offerings, we can equip our brokers with sophisticated tools across our entire U.S. platform."

In addition, GB Richard Ellis has licensed CoStar Connect(tm) to present its brokers for-lease and for-sale listings on the CB Richard Ellis Web site www.cbre.com. "With CoStar's research staff maintaining the property listings on our Web site, our clients will have access to complete, up-to-date information and our professionals will be able to devote their full attention to providing their clients with the high-quality service they deserve," Wirta added.