February 17, 2010 6 Comments
by Elias Shams
Indeed, as our government growing, it’s giving additional incentive to the corporates to move to DC. It was just last month I wrote about Washington, DC as the most expensive city in our nation for office space, here is another company moving their headquarter to DC.
This is just further proof DC is becoming ground zero for more companies – particularly if they are also federal contractor. CoStar Group, provider of information services to the commercial real estate industry purchased their New Headquarters Building in L Street in downtown DC for $41.25 million.
From their Press Release, it sounds like their move is mainly for property tax breaks and to put them closer to many of their federal clients. The half-vacant building went for $234 per square foot — less than half the going rate for similar structures in DC. The DC Council last month approved a measure granting CoStar $6.1 million in property tax savings over the next decade to relocate to DC. The deal also requires the company to hire 100 city residents. CoStar expects to begin moving into the building in the coming weeks. Read more…