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 Tower lobby.
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 (202) 346-6394 firstname.lastname@example.orgSource:CoStar Group, Inc.