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CoStar closes L of a deal: CoStar Group.

CoStar Group, Inc. finalized the sale of its headquarters building at 1331 L Street, N.W. in Washington, D.C., to GLL L-Street 1331, LLC, an affiliate of Munich-based GLL Real Estate Partners GmbH, for aggregate consideration of $101 million in cash.

CoStar Group's headquarters will remain at the LEED-Certified, 169,429 s/f building under a long-term lease signed with the new owner.

Under the sale agreement, $15 million of the consideration is being held in escrow for the purpose of funding additional build-out and planned improvements for CoStar's space and for the common areas of the building.

The company expects its long-term lease-back agreement at the building will likely be accounted for as an operating lease and will result in additional rent expense in 2011.
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Title Annotation:SELLING POINTS
Comment:CoStar closes L of a deal: CoStar Group.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Mar 2, 2011
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