Moody’s Analytics has abandoned an investment in a commercial real estate data firm tied to an embattled industry figure.
The information-services firm, which oversees a commercial real estate data portal, had taken a 23.8 percent stake in Empirical CRE, a company led by Doug Curry.
Last month Curry made headlines after his former firm, Xceligent, lost a copyright infringement case against a competitor, CoStar Group.
“Moody’s has divested its entire stake in Empirical CRE in light of recent disclosures and no longer has any connection to that company,” said a Moody’s spokesperson.
Moody’s launched a commercial real estate data platform last year, partnering with other firms to provide a suite of tools for the industry. To anchor the portal, known as Reis Network, it purchased the data firm of the same name for $225 million dollars. It has since announced partnerships CompStak and RockportVAL.
The portal is a competitor to CoStar Group, which has built its own portfolio of companies to provide real estate information. Some of its largest ventures include Apartments.com and Loopnet.
Read more here