The newly merged companies, which will operate under the LoopNet name, ahs appointed Richard Boyle as president and CEO. Boyle has been serving as COO since the merger plans were announced in March and previously was in charge of operations, product and technology development at San Francisco-based LoopNet.
LoopNet founder Dennis DeAndre and John Stanfill, founder of LA-based PropertyFirst, will serve as co-chairs of the combined companies. A new LoopNet Web site that integrates the two firm's sale and lease listings, as well as member databases, will be launched later this summer.
When the new LoopNet site is unveiled, it is expected to include about $130 billion of commercial properties for sale and about 2 billion sf of space for lease. The company says its base of registered members, including brokers and buyer-investors, will likely top 225,000.
Several well-known real estate companies will continue to have a stake in LoopNet. They include Marcus & Millichap, CB Richard Ellis Inc., Grubb & Ellis, Kennedy-Wilson Inc. and investment firms GMAC Commercial Holding Corp., Morgan Stanley Dean Witter Venture Partners, RREEF Internet Partners and Sun America Investments.
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