RIG to acquire LeaseTrend for $9.6M

Real Estate Weekly, Jan 13, 1999

Realty Information Group, Inc. (RIG), a leader in commercial real estate information services, has reached a binding agreement to acquire LeaseTrend, Inc., a leading provider. of commercial tenant and property information in 18 markets across the Mountain region, Midwest, and Florida.

LeaseTrend serves 300 client firms and 3,000 users with estimated 1998 revenues of approximately $3.4 million. The agreement, which is expected to close as soon as possible, is valued at approximately $9.6 million in stock and cash, and will bring RIG's operations to 36 of the nation's largest markets.

"The integration of RIG'S leading commercial real estate information product CoStar with LeaseTrend's proven track record in tenant information products is a major win-win for our customers," said Andrew C. Florance, president and CEO of RIG. "The combination of our complementary geographical coverage brings true standardized national coverage to the commercial real estate industry."

LeaseTrend Founder and CEO Judd Heitzman will become a Senior Vice President at RIG and will direct the Company's national tenant research division, as well as manage RIG's Midwest operations.

LeaseTrend, founded in 1988, will add its 100 employees to RIG's, creating a 360person commercial real estate research organization.

"We are very excited to be a part of RIG's efforts to bring complete information solutions to the commercial real estate industry," said Heitzman, president and CEO of LeaseTrend. "Our company's experience in the industry, combined with RIG's software expertise and extensive research operations, allows us to provide even more services to our customers and bring our tenant research expertise to RIG."

Headquartered in Bethesda, MD, Realty Information Group, (www.rig.com), is a leading provider of information services to the U.S. commercial, real estate industry. More than 15,000 clients use RIG's multimedia software an Internet delivered database, CoStar, to track more than 152,000 buildings across the country. More than 76,000 tenants are also listed in the state-of-the-art software package, CrosTrac.