Washington-based real estate services firm CoStar Group has acquired Atlanta-based Virtual Premise for $17 million.
Virtual Premise's lease administration software allows clients to manage lease expiration dates, rental payments, renewal options, transactions and projects. In all, the company manages about $1 billion a month in rent payments for more than 250 corporations, real estate brokers, retailers and other property owners.
M. Andrew Thomas, president and chief operating officer of Virtual Premise since 2001, will continue to lead 50 employees from Atlanta as a division of CoStar. CoStar plans to combine Virtual Premise with its Atlanta operations, growing its presence here to nearly 100 employees.
Frank Carchedi, senior vice president of corporate development for CoStar, said in a statement, “We believe we can significantly grow Virtual Premise's revenue by building upon their sales force of seven individuals in two locations with CoStar's sales force of approximately 200 people in 30 locations.”
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