WASHINGTON, June 13, 2013 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information, analytics and marketing services, today announced that three of its real estate journalists won news reporting awards from the National Association of Real Estate Editors (NAREE). The annual awards, which recognize excellence in reporting, writing and editing news stories about commercial and residential real estate, were announced last week at NAREE's 47th Annual Real Estate Journalism Conference held in Atlanta, Georgia.
A panel of expert judges from the E. W. Scripps School of Journalism at Ohio University selected all award winners. Professor Patrick S. Washburn, a former news reporter and editor, chaired the panel. Other top award winners included The New York Times, The Wall Street Journal, Inman News and Consumer Reports.
CoStar Senior News Editor Randyl Drummer won the Gold Award in the Best Series by an Individual category for his four-part series, "The De-Malling of America," which examined the national scope of distress afflicting many of the nation's older and obsolete enclosed shopping malls. Drummer's series detailed the changing preferences of shoppers, and the challenges investors and municipalities face in repositioning or finding an adequate adaptive reuse for troubled properties.
Commenting on the Gold-winning entry, the NAREE judges said: "The stories reported on the interesting phenomenon of the gap between strong and weak mall properties, which prompted a sell-off of weaker properties, leading to the redevelopment or repurposing of some of them. The question is: who wants to buy a dying mall? And these stories answered that. The writing is clear and avoids jargon, and explains the developments in a way that both lay people and developers can understand."
CoStar's news team also won the Silver Award in the Best Series by an Individual, taking two of the three medals in this news category. Winning second place was CoStar News Editor Justin Sumner's "Financing Green," a three-part series that provided an in-depth look at options and obstacles for financing sustainability improvements in a recovering commercial real estate market.
In addition, Senior News Editor Mark Heschmeyer won the Bronze Award in the highly competitive Best Investigative Report or Investigative Series category for his three-part series on the causes and implications of the sudden and unexpected recovery in the U.S. land investment market after a seven-year sales drought.
"We are very proud to be recognized by the National Association of Real Estate Editors for the quality of our news reporting," said CoStar CEO Andrew C. Florance. "Industry-focused news is a valuable complement to the comprehensive data we provide our clients. Together, our news and information deliver a fuller and more complete understanding of what's going on in the market. CoStar's news coverage is an important part of our offering in the U.S. and in the U.K."
CoStar has served as a primary news source for the commercial real estate industry for more than two decades. The firm's U.S. news operations are led by a team of journalists with a combined 60 years of experience reporting on the many different facets of the industry, from the latest major transactions, to emerging trends in brokerage and new development, to financing and the capital markets. In 2012, CoStar published more than 8,000 news reports, qualifying as one of the largest sources of commercial real estate industry news.
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 7 million registered members. CoStar operates websites that have approximately 10 million unique monthly visitors in aggregate. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 2,000 worldwide, 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. 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, 2012, and CoStar's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, under the heading "Risk Factors" in 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.
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