LoopNet

LoopNet was founded in 1995 by Dennis DeAndre. Working alongside engineer Steve Midgley, the two built LoopNet into the internet's largest commercial real estate listing service. LoopNet underwent three rounds of private venture capital financing in 1997 (Indo Suez), 1998 (Trinity Capital & Partners){{Cite news | url=https://www.forbes.com/1999/08/18/feat.html | title=Startup muse | work=Forbes | date=August 17, 1999}} and $20 million in 1999 from fourT5 real estate brokers.{{Cite news | url=https://www.bizjournals.com/sanfrancisco/stories/1999/12/13/story4.html | title=Real estate giants bankroll LoopNet | first1=Douglas | last1=Robson | first2=Adam | last2=Feuerstein | work=American City Business Journals | date=December 12, 1999}}

LoopNet was an early venture in Internet-based user-created content. As early as October 1996 virtually all of its commercial property listings were being entered by its users directly. Over time, LoopNet added the capability to import listings in an automated manner. {{cn|date=March 2022}}

In 2001, the company merged with PropertyFirst.com.{{Cite news | url=https://www.nreionline.com/news/loopnet-and-propertyfirstcom-complete-merger | title=LoopNet and PropertyFirst.com complete merger | first=Misty | last=Reagin | work=National Real Estate Investor | date=July 18, 2001}}

In June 2006, the company became a public company via an initial public offering.{{Cite press release | url=https://www.businesswire.com/news/home/20060607005631/en/LoopNet-Prices-Initial-Public-Offering | title=LoopNet, Inc. Prices Initial Public Offering | publisher=Business Wire | date=June 7, 2006}} At that time, the company had 360,000 commercial properties for sale or lease.{{Cite news | url=https://www.marketwatch.com/story/real-estate-listings-firm-loopnet-to-debut | title=LoopNet undaunted, looking to IPO | first=Steve | last=Gelsi | work=MarketWatch | date=June 5, 2006}}

LoopNet acquired BizBuySell (2004),{{Cite web|last=Writer|first={{!}} Staff|title=LoopNet buys BizBuySell|url=https://www.inman.com/2004/10/14/loopnet-buys-bizbuysell/|access-date=2020-09-15|website=Inman|language=en-US}} CityFeet (2007),{{cite web | url=https://www.fool.com/investing/small-cap/2007/08/03/loopnet-walks-a-mile-in-cityfeets-shoes.aspx | title=LoopNet Laces Up CityFeet Shoes | work=Motley Fool | date=November 14, 2016|accessdate=March 4, 2022}} REApps (2008),{{cite web | url=https://www.socaltech.com/reapplications_acquired_by_loopnet/s-0014688.html | title=REApplications Acquired By LoopNet | publisher=SoCAl Tech| date=April 9, 2008|accessdate=March 4, 2022}} Land & Farm/Lands of America (2008) and Bizquest (2010).{{cite news | url=https://www.inman.com/2011/03/25/loopnet-offers-commercial-real-estate-data-comps/ | title=LoopNet offers commercial real estate data, comps | work=Bradley Inman | date=March 25, 2011}}

In April 2012, CoStar Group acquired LoopNet for approximately $860 million in cash and stock.{{cite news | url=https://www.bizjournals.com/washington/news/2012/04/30/costar-completes-loopnet-deal.html | title=CoStar Group completes LoopNet deal | first=Daniel J. | last=Sernovitz | work=American City Business Journals | date=April 30, 2012}}

In 2014, the company settled a trademark infringement lawsuit that it brought against Dotloop.{{cite news | url=https://www.bizjournals.com/cincinnati/news/2014/07/22/dotloop-settles-trademark-lawsuit.html | title=Dotloop settles trademark lawsuit | first=Andy | last=Brownfield | work=American City Business Journals | date=July 22, 2014}}

In 2020, to address rapid changes occurring in the COVID-19 commercial real estate market, the company added significant virtual tour capabilities.{{Cite web|date=2020-05-04|title=LoopNet Launches CoTour to Conduct Virtual Tours in Real-Time|url=https://www.businesswire.com/news/home/20200504005420/en/LoopNet-Launches-CoTour-to-Conduct-Virtual-Tours-in-Real-Time|access-date=2020-09-15|website=www.businesswire.com|language=en}}

In 2022, LoopNet expanded its international presence by launching LoopNet.co.uk, migrating the UK commercial property portal Realla.co.uk into the LoopNet brand. This move established a dedicated platform for the UK market. In 2025, the company further extended its reach into Europe with the launch of LoopNet.es, targeting the Spanish commercial real estate sector.

LoopNet connects tenants and buyers with owners over an open and free network.{{Cite news|url=https://www.nytimes.com/2007/04/13/realestate/15hunt.side.web.html|title=Finding a Vacant Lot to Buy|last=Cohen|first=Joyce|date=2007-04-13|work=The New York Times|access-date=2019-04-23|language=en-US|issn=0362-4331}} As of April 2023, LoopNet had more than 12 million unique monthly visitors.{{citation needed|date=December 2019}}

LoopNet's business model involves selling memberships to its site to those that lease or sell Commercial Real Estate. Paid or Premium Membership confers additional benefits with a free model existing but only showing those listings to groups with CoStar membership.[http://www.fool.com/investing/small-cap/2007/12/31/best-stock-for-2008-loopnet.aspx Best Stock for 2008: LoopNet] Motley Fool, December 31, 2007

In CoStar Group, Inc. v. LoopNet, Inc. (2006), in which Loopnet prevailed, it was determined that Loopnet, as an operator of a website, was no different from Netcom, then an internet service provider, and was not responsible for copyright infringements by its users. This ruling established precedent for copyright liability protection for many websites. It followed the Religious Technology Center v. Netcom case (better known as Scientology vs. the Internet). LoopNet demonstrated that it policed any user violations after the fact. The court did not require the company to stop future violations before they occur. Such a ruling could have effectively shut down LoopNet's website as well as those of many application service providers. CoStar unsuccessfully argued that LoopNet was an active party to the violations and thereby guilty of copyright infringement.

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• {{Official website|https://www.loopnet.com/}}

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Category:2006 initial public offerings

Category:2012 mergers and acquisitions

Category:Companies based in San Francisco

Category:Online real estate databases

Category:Real estate companies established in 1995

Category:Real estate services companies of the United States