CoStar profits big on building sale

Published February 3, 2011 5:00am ET



Won tax incentives to move to the District Real estate firm CoStar has sold its D.C. headquarters building for 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.

CoStar announced Thursday it sold its downtown building at 13th and L streets NW for $101 million to an affiliate of Munich-based GLL Real Estate Partners. The company paid $41.25 million for the property a year ago — but not until 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.

Already a print subscriber? Click here to login/register your account

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.