CoStar to buy the commercial real estate division of Ten-X for $190M.
“Together, Ten-X and CoStar plan to create a new end-to-end commercial real estate platform, combining LoopNet and CoStar’s unmatched online audience of buyers with Ten-X’s clear leadership in online auctions for both performing and distressed assets. Combining our complementary capabilities is expected to create significant benefits for brokers and the institutions they represent by exposing their properties for sale to the biggest pool of potential bidders on the most trusted digital transaction platform and delivering fast and reliable trade execution.”
Andrew Florance, Chief Executive Officer of CoStar Group
Ten-X’s online model will cut CoStar’s deal times by up to 50% while providing reliable execution, value maximization, and certainty of close.