1331 L Street in the heart of Washington's Business District traded hands this week as CoStar agreed to sell the 169,430-square-foot building to GLL L-Street 1331, a subsidiary of GLL Real Estate Partners. The sale of the headquarter building of CoStar is scheduled for close later this month for $101 million - a $60 million profit for the company according to the Washington Post. CoStar bought the Class A building last year from the Mortgage Bankers Association for $41.3 million with the help of a $6.1 million, 10-year tax abatement from the city that was contingent on the publicly traded company hiring 100 District residents.
"We nailed the bottom and are getting out while we go into the recovery," said CoStar's chief executive, Andrew Florance. The seller was represented by executive managing directors, Paul Collins and William Collins, senior managing director, John Flood and senior vice presidents, James Cassidy and Judson Ryan of Cassidy Turley Commercial Real Estate Services.
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