WASHINGTON (dpa-AFX) - CoStar Group (CSGP) announced Friday an agreement with research and consulting firm Gartner, Inc. (IT) to take back-office space previously leased by Gartner in Arlington, Virginia. Located at 1201 Wilson Boulevard, the building is a 552,000 square foot trophy office tower with LEED Platinum certification.
CoStar Group purchased the property earlier this year with the intention of relocating its Washington, DC employees to Arlington as part of a corporate headquarters transition.
Gartner will cede 11 floors in 1201 Wilson Boulevard to secure CoStar Group's corporate headquarters relocation in early 2025.
As part of the deal, Gartner paid CoStar Group a $48 million early termination fee and signed a new lease for approximately 49,000 square feet on floors 11 and 12 at 1201 Wilson Boulevard for a term through December 2032 at prevailing market rates.
The deal unlocks sufficient space at 1201 Wilson Boulevard to allow CoStar Group to relocate its headquarters from Washington, DC in early 2025.
With the Company's current lease in Washington, DC set to expire in 2025, CoStar Group assessed more than 25 viable sites across Washington, DC, Rosslyn, Crystal City and Tyson's Corner before selecting 1201 Wilson Boulevard.
1201 Wilson Boulevard is located directly above the Rosslyn Metro offering excellent access to Ronald Reagan National Airport and Dulles International Airport and transportation, including five major road networks, from around the greater Washington DC area.
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