CoStar a $60 million profif in the Nation's Capital
The real estate data firm CoStar Group said Thursday that it will sell its headquarters building in downtown Washington for $101 million - a $60 million profit for the company, which has owned the building for about a year.
The buyer, GLL Real Estate Partners of Germany, will lease the building back to CoStar, said CoStar's chief executive, Andrew Florance. The deal completes the most profitable flip of commercial real estate in Washington from the recession to date.
Commercial real estate markets were in turmoil when CoStar bought 1331 L St. NW on Feb. 5, 2010. Values had plummeted, and thousands of buyers quickly found themselves facing more debt than their buildings were worth.
CoStar Group, Inc. (CoStar) is a provider of information, marketing and analytic services to the commercial real estate industry in the United States and United Kingdom. CoStar’s integrated suite of services offers customers online access to a database of commercial real estate information. The Company deliver its content to its United States customers primarily via an integrated suite of online service offerings that includes information about space available for lease, comparable sales information, tenant information, information about properties for sale, Internet marketing services, property information for clients’ Websites, information about industry professionals and their business relationships, analytic information, data integration, and industry news. It also provides market research and analysis for commercial real estate investors and lenders via its PPR service offerings. In October 2009, the Company acquired Resolve Technology, Inc.
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GLL Real Estate Partners GmbH (GLL) is a Munich based real estate funds management group. GLL was formed in 2000 by three senior executives
of HypoVereinsbank, Germany’s then largest real estate bank, in a joint venture with Lend Lease Corporation and Italian insurance giant Assicurazioni Generali. Generali has some €420 billion under management and is capitalised at over €25 billion. During 2006 Lend Lease divested and the Group is now majority owned by its management team and the balance remains with Generali.
GLL’s funds under management now exceed €4 billion with investments across Western Europe, Central Eastern Europe and the United States. Investors with the Group include pension funds, insurance companies and sovereign entities.
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