CoStar Group Completes Lease With Silverstein Properties at 1177 Avenue of the Americas
43rd Floor Space to Serve as CoStar's New York City Headquarters for Sales and Marketing
New York, NY (August 10, 2010)
CoStar Group, Inc. (Nasdaq:CSGP) –the leading provider of information, marketing and analytic services to the commercial real estate industry – has completed a 12,000-square–foot, long-term lease with Silverstein Properties for the 43rd floor of 1177 Avenue of the Americas. The new office will be the New York City headquarters for the company’s sales and service departments.
“New York has always been an important market for our company, and we are confident that this new location will provide us with a strong foundation for the continued growth of our service platform for New York’s commercial real estate professionals,” stated Stephen Alliegro, Regional Vice President, of CoStar Group, Inc.
“We are delighted to welcome CoStar to our building at 1177 Avenue of the Americas,” said Roger Silverstein, Senior Vice President, Silverstein Properties, Inc. “This transaction is a reflection of the tremendous opportunity afforded to CoStar to occupy an entire floor within this Class A office building.”
CoStar was represented by Stephen Berliner and Gary Kerper of Studley. Silverstein Properties was represented in house by Roger Silverstein and Jeremy Moss.
“This lease provides CoStar with a full-floor identity in a building that is proximate to its New York clientele,” shared Mr. Berliner. “Additionally, our ability to negotiate prominent lobby signage on behalf of our client, as well as the overall economics of the lease terms, assisted greatly in completing this transaction.”
1177 Avenue of the Americas is a Class A office building prominently situated in the Rockefeller submarket of Midtown Manhattan. Built in 1992 and formerly known as the Americas Tower, the property has 1,000,000 square feet on 47 floors. The lobby combines a 60-foot ceiling, granite walls and floor, burnished steel and glass finishes, and an attended concierge desk - along with a grand piano. Tenants include Bank Hapoalim, Dickstein Shapiro Morin & Oshinsky LLP, Kramer Levin Naftalis & Frankel, PricewaterhouseCoopers LLP and the Carlyle Group.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information, marketing and analytic services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, CoStar has approximately 1,500 people working for the Company worldwide, including the largest professional research organization in the industry. For more information, visit http://www.costar.com.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com
About Silverstein Properties
Silverstein Properties, Inc. (SPI) is a privately-held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by President and CEO Larry Silverstein, SPI has developed, owned and managed more than 35 million square feet of commercial, residential and retail space in the United States. Currently, SPI’s portfolio includes 9 million square feet of commercial and residential properties in Midtown and Downtown Manhattan. The firm has $10 billion of planned development, including rebuilding the office complex at the World Trade Center in New York. For more information, visit www.silversteinproperties.com.