As Tenant, CoStar Finds Much to Choose From
August 17, 2010
By: Amanda Fung

CoStar Group Inc., a giant provider of data on commercial real estate across the country, is moving into new quarters in midtown Manhattan, doubling the size of its current location.

The Bethesda, Md.-based company has signed a long-term lease for 12,000 square feet at 1177 Sixth Ave., between West 45th and West 46th streets. Asking rents in the upper floors of the building are $75 to $85 per square foot. ...

... The key was to be conveniently located near all the large brokerage firms as well as landlords,” said Stephen Berliner, who along with colleague Gary Kerper of Studley represented the tenant. “New York is one of the largest markets for the firm, and they wanted to make a statement.”

The search for a new office began more than a year ago and at first CoStar sought raw space it could build out. The tenant switched gears on its search due to the sheer number of choices, Mr. Berliner said. The pre-built space the tenant selected has great views. Publicly-traded CoStar plans to slightly modify the space by building a new boardroom, where its chief executive can meet with Wall Street analysts. “They want to make a nice impression,” he added. ...

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