Costar Group announced Wednesday that it is buying Ten-X Commercial for $190M, their second largest acquisition this year. The group purchased RentPath for $588M in early 2020. RentPath owns Rent.com, ApartmentGuide.com, Rentals.com, and Lovely.com. The Ten-X platform has transacted $7B in retail properties, $6B in office properties, $4B in multifamily properties, $3B in hotel properties, and billions in other property types.
CEO of Costar Group, Andrew Florance said that “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.” Florance believes that the pandemic will force a large volume of distressed properties to come to market, giving this combined platform the ability to support the market’s recovery.
The transaction is expected to be completed in the third quarter of 2020.