The site will join a raft of commercial and residential real estate companies in Washington D.C.-headquartered CoStar Group’s stable.
“The acquisition of BureauxLocaux is an important step in continuing our international expansion,” said founder and CEO of CoStar Group Andrew Florance.
“France is one of Europe’s largest commercial property markets with an estimated €40 billion in annual investment transaction value. BureauxLocaux has built a leading commercial property-specific listings platform with national coverage, great brand recognition, and an excellent reputation among its clients.”
He added, “This is an attractive acquisition that is highly complementary alongside our other European marketplaces, Belbex and Realla.”
Sophie Desmazières, founder of BureauxLocaux, said, “The commercial property vertical deserves a high-quality sector-specific online marketplace to better serve brokers and owners. Supported by the extensive resources and know-how of CoStar Group, we believe we can accelerate BureauxLocaux’s growth and strengthen its market position in France.”
As well as providing commercial real estate information and analytics, U.S.-based CoStar owns a series of online property marketplaces, both generalist and niche.
On the commercial side, it operates LoopNet, which it describes as “the most heavily trafficked commercial real estate marketplace online”, and Realla, which it calls “the UK’s most comprehensive commercial property digital marketplace.”
Founded in 1987, CoStar’s residential sites include Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com.
BureauxLocaux is among France’s largest specialized property portals for the buying and leasing of commercial real estate. It has over 60,000 for sale and lease listings and attracts over 425,000 monthly visits to its website, according to company data.
The site, which was founded in 2008, provides a subscription-based commercial property listing portal with a client base that the company says includes over 90% of France’s top commercial property brokers.
CoStar was planning to invest $25 million in its residential initiative in the second half of 2021, roughly half on marketing and half on technology and content generation, the company told investors this summer.
“We’re not afraid to work if we think there’s a fantastic ROI that has a fantastic return for our shareholders,” Florance said. “We’re not afraid to invest in it, but we are–right now, we’re working on the software, and the fundamental structures, which are not wildly expensive.”