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CoStar Group Announces $5 Million Commitment to Management Leadership for Tomorrow
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Rhea-AI Summary
CoStar Group has announced a $5 million commitment to Management Leadership for Tomorrow (MLT) aimed at expanding its undergraduate program from 850 to 5,000 students by 2025. This funding follows a previous $1 million pledge made in 2017 to enhance MLT’s diversity initiatives. The initiative is focused on providing essential coaching and networking opportunities for Black, Latinx, and Native American students, supporting their transition to high-paying jobs, with an average starting salary of $80,000. CEO Andrew Florance emphasized the importance of diversity in driving innovation.
Positive
CoStar's $5 million donation expected to significantly expand MLT's undergraduate program.
Prior commitment of $1 million in 2017 shows continued support for diversity initiatives.
Career Prep boasts a 98% job placement rate for participants, enhancing CoStar's reputation.
Negative
The effectiveness of the $5 million pledge is uncertain and may not yield the expected growth in Career Prep participants.
This latest commitment aims to support the growth of Management Leadership for Tomorrow’s signature undergraduate program from 850 to 5,000 students by 2025
WASHINGTON--(BUSINESS WIRE)--
Today, CoStar Group is proud to announce a $5 million commitment to Management Leadership for Tomorrow (MLT), a national nonprofit dedicated to providing Black, Latinx, and Native American students with the coaching, career preparation and access to professional networks necessary to become the next generation of leaders. The donation, which will be allocated over the next five years to boost the nonprofit’s undergraduate program, follows a $1 million pledge made by CoStar Group in 2017 to support MLT’s diversity leadership programs.
CoStar Group’s donation will support Career Prep, MLT’s signature program for undergraduate students, and is expected to drive the growth of the program from 850 to 5,000 students per cohort by 2025. Career Prep provides current college students with 18 months of one-on-one coaching and other supports to help them make the college-to-career transition. 98% of Career Prep fellows obtain jobs after graduation with an average starting salary for $80,000 per year.
Andrew Florance, Founder and Chief Executive Officer of CoStar Group and MLT Board Member said, “For the past five years CoStar Group has witnessed firsthand, through both donation efforts and employee participation, the transformative success and opportunities that MLT’s leadership programs provide. Business and innovation thrive when we prioritize diversity of thought and broad perspectives. CoStar Group is proud to play a part in advancing John Rice’s and MLT’s mission for a more inclusive workplace.”
Over the past two years, ten CoStar Group employees have completed MLT’s Career Advancement Program (CAP), a 9-month leadership development program providing highly-talented professionals the keys to unlock the skills and know-how needed to advance toward senior leadership roles.
“Equipping young people with the professional coaching, high performance playbook, and connections they need to land high-trajectory jobs that deliver economic mobility for them and their families is at the core of MLT’s mission,” said John Rice, Founder and Chief Executive Officer of MLT. “Partnering with premier companies like CoStar Group that set the bar for hiring diverse talent and for racially equitable employer practices enables MLT to prepare thousands of students and professionals of color to go as far as their talent and work ethic can take them.”
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, http://www.costargroup.com, as a channel of distribution for material company information. For more information, visit www.costargroup.com.
ABOUT MLT
Launched in 2002, Management Leadership for Tomorrow (MLT) is a national nonprofit that is transforming the leadership pipelines of our most influential organizations by driving breakthrough results for individuals and institutions. MLT coaches African American, Latinx, and Native American talent to secure high trajectory post-college jobs that deliver economic mobility for their families, and then provides the social capital they need to become high-impact senior leaders who can transform our institutions and vulnerable communities. MLT’s career and leadership development programs provide unparalleled opportunities for our Rising Leaders to succeed at pivotal stages throughout their careers — from college students to early and mid-career professionals to senior executives — and gives them the genuine confidence that they belong in the uppermost tiers of leadership. MLT also helps organizations take a rigorous approach to DEI, providing a comprehensive solution that combines best-in-class recruitment, retention and diversity strategy offerings, as well as MLT Racial Equity at Work, a certification which establishes a framework for racially equitable workplace practices to which organizations can manage and hold themselves accountable. Visit us at www.mlt.org.
If you have any questions about the application process or MLT, please contact Rishal Stanciel, Senior Director of Fellow Recruitment and Senior Career Prep Coach, at rstanciel@mlt.org.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar Group's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that CoStar Group’s donation does not produce the expected growth in the Career Prep program stated in this release. All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
