Doug Curry Launching New Company To Compete With CoStar
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Curry is launching a new service, Intrepid CRE, with plans to enter 30 markets in the coming weeks. In a post on the new company's website, he said he aims to compete with CoStar, the D.C.-based commercial real estate data giant that Xceligent had been embroiled in a legal battle with before filing for bankruptcy.
"It is evident that the need for an affordable and competitive alternative to CoStar is critical to the long-term stability and success of the CRE industry," Curry wrote in the post. "Those of you that know me and the vision that I had for Xceligent, know that our work is not done, and I intend to deliver on the promise I made to the industry nearly 20 years ago when I began this journey."
Xceligent's parent company, Daily Mail and General Trust, had invested $150M to bring the platform into the nation's largest markets. After what it called a "disappointing" performance in its New York City entrance, DMGT wrote Xceligent's value down to zero in November. Xceligent's board decided Dec. 14 to file for Chapter 7 liquidation and shut down the company immediately, leaving hundreds of employees without a job — they were given 30 minutes to vacate the office after the announcement was made — just before the holidays.
Over the last few weeks, Curry said he has amassed a team of technical professionals and researchers who have worked to create a commercial real estate database product. He said it will provide research, public marketing and productivity tools and "ensure there is an affordable, robust and competitive alternative to CoStar."
Before launching the full database, Intrepid CRE's first product will be a broadcast email system, Curry wrote, allowing brokers to share listings with the market. Then the company plans to launch the subscription-based database product, targeted at commercial real estate professionals. Curry's letter offers discounted first-year rates for "Founding Member firms."
The letter does not offer specifics on pricing or provide any details on how he obtained the initial investment to launch a database in 30 markets.
Bisnow has reached out to Curry, who has not spoken publicly since his departure from Xceligent, and CoStar, which did not immediately return requests seeking comment.