Real estate firm CoStar’s $60 million profit on its D.C. headquarters became official Monday, according to real estate firm Cassidy Turley, which handled the sale. CoStar sold the building to Munich-based GLL Real Estate Partners for $101 million — more than double the price it paid a year ago when the District lured the company from Bethesda by giving it more than $6 million in tax credits.
The 169,429-square-foot “trophy office building” is on L Street between 13th and 14th streets downtown. CoStar has said it will keep its headquarters location in the District and sign a long-term lease with GLL.
The D.C. Council offered a 10-year, $6.1 million discount in property taxes contingent upon CoStar hiring at least 100 D.C. residents. Months after moving, the company met its tax abatement requirements and reportedly incentivized some of its workers to move to the District.
