WASHINGTON, April 27, 2012 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP) today announced that its 2011 sale of 1331 L Street, NW was recognized as the Best Real Estate Deal of 2011 by the Washington Business Journal in the Urban Office Sale category. The award was presented in an awards dinner last night at the Ronald Reagan Building and International Trade Center in Washington, DC.
CoStar's headquarters at 1331 L Street is a 169,429 square-foot trophy office building located in the heart of Washington, DC. Fully leased at the time of the transaction, with CoStar as both the building's lead tenant and seller, the building's sale marked the most successful sale-leaseback transaction in 2011 and since the economic downturn. The building's 2010 purchase at $41 million, or $243 per square foot, was less than half the market rate median of $518 per square foot for Class A office buildings sold in Washington, DC since January 1, 2009.
"Our substantial research operations, industry leading market analysis and quantitative forecasting models give us unique intelligence into the trends driving commercial real estate," stated CoStar Group Founder and CEO Andrew C. Florance. "We were able to capitalize on that market intelligence to both secure and re-sell this world-class building, while maintaining the space to accommodate our future growth as a company."
Built in 2008, 1331 L Street was one of the first LEED® Gold Core and Shell office buildings in Washington, DC, and one of the few LEED® Gold Core and Shell office buildings in the nation. At 10 stories, this state-of-the-art, virtually freestanding asset features glass on all four sides and a unique crystalline glass tower on the southwest corner, which not only identifies the property, but also provides a remarkable rooftop setting with expansive views of the city.
The fully leased building proved to be a particularly attractive investment opportunity and generated significant buyer interest. Ultimately, the building was sold to an affiliate of Munich-based GLL Real Estate Partners GmbH, which was seeking a long-term, trophy quality asset.
Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented CoStar in the transaction. A team led by Desmond Connall Jr., Richard David and Kevin Pigott of Womble Carlyle Sandridge & Rice PLLC served as CoStar's legal advisors.
The building's purchase in 2010 was recognized by the Washington Business Journal as Best Real Estate Deal of 2010 in the Urban Office Sale category.
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information and analytic services. 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. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar's the company's plans, objectives, expectations and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar's Annual Report on Form 10-K for the year ended December 31, 2011, and CoStar's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, each filed with the SEC, including in the "Risk Factors" section of each filing, and the company's other filings with the SEC available at the SEC's website (www.sec.gov). CoStar does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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