Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 30 June 2017

Xceligent Counter-Sues CoStar, Alleging Anti-Competitive Practices

Xceligent, which last December was hit with a copyright infringement lawsuit by CoStar Group, has counter-sued the commercial real estate data giant. Xceligent claims that CoStar engages in anti-competitive practices and that it breached an agreement reached in 2012 with the Federal Trade Commission that then paved CoStar's way to acquire LoopNet.

Commercial Real Estate Direct Staff Report

Xceligent, which last December was hit with a copyright infringement lawsuit by CoStar Group, has counter-sued the commercial real estate data giant. Xceligent claims that CoStar engages in anti-competitive practices and that it breached an agreement reached in 2012 with the Federal Trade Commission that then paved CoStar's way to acquire LoopNet.

In its suit, filed in U.S. District Court for the Western District of Missouri, Xceligent, which is being represented by law firm Polsinelli, argued that CoStar has "willfully and wrongfully attempted to obtain and maintain monopoly power in the CRE information services market," of which it said it has an 87-percent share. That has allowed it to have complete pricing power in the market. It's done that, Xceligent alleged, by, among other things, "contaminating" broker listings so that broker-generated data couldn't be used by potential competitors. It also has priced its product offerings in ways to make it cost prohibitive for subscribers to use competitive products.

In addition, Xceligent claimed that CoStar has knowingly made defamatory statements about it, including claims that Xceligent employees had been "caught stealing" CoStar's content. It is aiming for damages, to be determined at trial, and a court order that would prohibit CoStar from blocking access to broker sites, from which Xceligent could gather data, prohibiting the company from manipulating broker data and from preventing access to images and data generated by brokers.

In CoStar's suit, it had alleged that Xceligent infringed on its copyrights by using CoStar photographs without permission. Xceligent said it had identified "limited instances" where photos with CoStar watermarks were used on the site of one of its operations, CommercialSearch. It called...





weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage