Property and Portfolio Research (PPR), the industry's leading provider of research advisory services, announced today that it has been acquired by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of information/marketing services to the commercial real estate industry. The transaction combines the largest commercial real estate database and data collection team with the industry's best analytical team with a view towards developing new insights, products, and tools for firms in the commercial real estate market.
"This is a terrific opportunity for both companies and our clients," said Bret Wilkerson, CEO of PPR. "Commercial real estate research and analytics are even more important given today's market, and there is an urgent need for greater understanding of the asset class going forward. We have a very high regard for what CoStar has built over the past 20 years and we look forward to using our analytical horsepower to help unleash even more value from Costar's rich dataset for the benefit of our combined clients."
"I am very pleased to add the premier provider of market analysis and forecasting for commercial real estate investment to our comprehensive, international information platform," said CoStar President and CEO Andrew C. Florance. "Bringing together PPR's outstanding team of economists and analysts with the industry's largest research organization and the most extensive database of commercial real estate information we believe will add value to product offerings and create additional growth opportunities for our combined services."
CoStar plans to preserve PPR's distinct identity and operate PPR as an independent subsidiary. The PPR team will remain at its headquarters located in Boston, MA, and offices in London and Hong Kong. Serving clients across the globe, we believe PPR will continue to be the leading provider of independent global real estate research and portfolio strategy services to the institutional real estate community.