LoopNet Inc. and NAA/NSC member PropertyFirst.com Inc. announced that their respective boards of directors have approved a merger of the two firms, creating the commercial real estate industry's dominant Internet company. The new firm is a technology, marketing and listing-information services provider. The new company, which will operate under the LoopNet name, is an online commercial property marketplace with more than 145,000 sale and lease listings, and an online commercial real estate community, attracting more real estate professionals than any other Internet site. LoopNet and PropertyFirst will integrate operations, including their Web sites, data and customer bases. John Stanfill, President, Chief Executive Officer, and Co-Founder of Los Angeles based PropertyFirst and Dennis DeAndre, Chief Executive Officer and Founder of San Francisco based LoopNet will serve as Co-Chairmen of the new company. The company will operate with the two principal offices in San Francisco, where DeAndre will be based, and in Los Angeles where Stanfill will be located. The company will be governed by a new board of directors that includes equal representation from the two former firms. Morgan Stanley Dean Wittter advised LoopNet on the transaction; PropertyFirst.com was advised by JPMorgan. Financial terms of the merger were not disclosed.
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|Date:||Jun 1, 2001|
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