Moody’s is buying Reis, the commercial real estate data company, in a deal valued at $278 million.
The financial services company best known for its credit ratings is paying all cash to acquire Reis and incorporate its data archive of some 18 million properties into Moody’s Analytics offerings, Globe Street reported.
“Their data on CRE supply and Moody’s Analytics’ insights on the demand for commercial properties will provide market participants with a powerful 360-degree view of the economics of CRE lending and investment,” Moody’s Analytics president Mark Almeida said in a prepared statement.
The deal is expected to close in the fourth quarter.
Last year, Moody’s acquired a minority stake in CompStak, a startup that crowdsources information on leases and sales.
Moody’s occupies some 680,000 square feet at Larry Silverstein’s 7 World Trade Center, and in 2015 signed a lease to 75,000 square feet nearby at 1 World Trade Center.
Reis, meanwhile, signed a deal in 2016 to sublease a little more than 44,000 square feet at 1185 Sixth Avenue.