Joint venture buys national real estate index.

Property & Portfolio Research (PPR) and Global Real Analytics (GRA) have announced a joint venture acquisition of the National Real Estate Index (NREI) from GB Richard Ellis. Terms of the transaction were not disclosed.

NREI has been the pre-eminent data source in the commercial real estate industry since it was launched in 1985. It is used as a benchmark for rents, values and capitalization rates by over 350 firms and institutions. To compile the index, the firm collects, organizes, and analyzes commercial real estate trends and demographic changes in over 50 distinct markets and across six property sectors in North America. The index is the longest time series of rent and price real estate data available on national markets.

PPR and GRA will utilize their combined expertise in real estate research and analysis to enhance the quality and delivery of NREI's services.

"When Dan O'Connor and I started NREI nearly 17 year ago it was the first firm to offer research based on collecting and analyzing real estate information across the country," explained Richard Wollack, chairman and CEO of Global Real Analytics. "Under the ownership of GB Richard Ellis it grew to be the largest such firm. Now by combining the strengths of PPR and GRA, we can take NREI to even greater heights."