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Real estate site a hot property

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GlobeSt.com L.L.C., a Web site targeting the commercial real estate sector, is only four months old but already has hammered out several deals to syndicate its content online.

The site offers commercial real estate professionals information about local, regional and national markets. It sends daily e-mail news to 20,000 real estate professionals primarily in the U.S.

Soon after launching, GlobeSt announced an exclusive partnership with the National Association of Realtors to be the sole content provider for the trade association's Web site. In October, it announced a similar deal with LoopNet Inc., an online real estate listing service with more than 137,000 registered members, representing 95% of the top commercial real estate organizations.

The most recent deal involves MortgageRamp, a full-service real estate Web site that is now distributing GlobeSt's content online. MortgageRamp is running fixed banner ads on GlobeSt.com. Whenever a link to a banner ad results in a transaction, GlobeSt gets a piece of the action, said Doyle Spears, chief marketing officer of MortageRamp, who would not specify the percentage.

"Because of the way they're utilizing reporters, we're going to get timely information to our users about the [real estate] marketplace," Spears said "This way we're providing an added-value to our customers."

Homegrown content

GlobeSt's content is homegrown. The site's 40 reporters, based in 25 of the biggest commercial real estate markets in the country, file about 400 stories a week.

"The only way to cover real estate is on the ground. That's how we do the reporting," said Brian Rose, chief business development officer at GlobeSt, who added that the site is expected to turn a profit by next year's third quarter.

GlobeSt is running ads in six magazines that are published by its owner, Real Estate Media. The titles, with a total circulation of 120,000, are: Real Estate Forum, Real Estate Chicago, Real Estate New Jersey, Real Estate New York, Real Estate Northern California and Real Estate Southern California.

Real Estate Media is owned by U.S. Equity Partners L.P., a private equity fund bankrolled by New York-based investment banking firm Wasserstein Perella & Co Inc.

Rose said he hopes to push the site to markets throughout the commercial real estate chain, such as real estate brokers, banks and asset managers. "The real estate profession is about three years behind the technology curve," Rose said. "So the Web is new for a lot of people" working in that space.

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