On Friday, CoStar Group announced that it had reached a deal with Gartner, a research and consulting firm, to reclaim the back-office space they previously leased in Arlington, VA. The building at 1201 Wilson Blvd., which was acquired by CoStar earlier this year as part of their plan to relocate their Washington D.C. employees when their lease expires next year.
Under the terms of the agreement, Gartner paid an early termination fee of $48 million and signed a new lease for approximately 49,000 square feet at 1201 Wilson Blvd. until December 2032. This arrangement frees up enough space for CoStar to move its headquarters from Washington D.C. in early 2025.
According to Andy Florance, founder and CEO of CoStar Group: “We have always intended for our headquarters to be located at 1201 Wilson Blvd., but this deal allows us to expedite that process even further while also accommodating our rapid growth and expansion.”
