CoStar profits big on building sale

Published



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.

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