09:23 AM EDT, 11/01/2024 (MT Newswires) -- CoStar ( CSGP ) said Friday it has reached an agreement with Gartner ( IT ) to take back office space that was previously leased by Gartner ( IT ) in Arlington, Virginia.

Under the deal, Gartner ( IT ) will cede 11 floors in 1201 Wilson Boulevard to allow CoStar's ( CSGP ) headquarters relocation early next year, CoStar ( CSGP ) said, adding it bought the building earlier this year with the plan of relocating its employees in Washington DC to Arlington.

Gartner ( IT ) paid CoStar ( CSGP ) a $48 million early termination fee and signed a new lease for 49,000 square feet on floors 11 and 12 of the building at 1201 Wilson Boulevard until December 2032, CoStar ( CSGP ) said.

"We've always intended for 1201 Wilson to become CoStar Group's ( CSGP ) headquarters, but this agreement makes it possible for us to complete that process even faster and to better accommodate our continued rapid growth and expansion," said CoStar ( CSGP ) Chief Executive Andy Florance.

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