WASHINGTON, Oct. 13, 2010 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP) the number one provider of commercial real estate data and analytic services, today announced the Company has officially opened its expanded headquarters at 1331 L Street, N.W. in Washington, D.C.
CoStar acquired the 10-story, LEED-certified office building in February of this year. To date, more than 600 jobs have been relocated or created in the District as a direct result of CoStar's relocation, including the company's headquarters staff and related construction and support. According to the Downtown DC Business Improvement District, CoStar's relocation from Bethesda, MD is the largest move into the District by a public or private company in 2010, and ranks among the largest such moves by a private employer in the past 10 years.
In recognition of CoStar's positive impact on local employment, the Downtown DC Business Improvement District awarded CoStar a 2010 Momentum Award for strengthening and diversifying the city's employment base.
"We are delighted to welcome CoStar Group and its hundreds of employees to downtown DC," said Richard H. Bradley, Executive Director for the Downtown DC Business Improvement District. "In just the short time that CoStar has occupied this space, it has already made an important impact in strengthening and diversifying the city employment landscape."
In accepting the award, CoStar Group CEO Andrew Florance reiterated the Company's commitment to the District of Columbia. "We couldn't be happier with our decision to relocate our corporate headquarters to Washington, DC, and we look forward to many years of future growth. Not only does our move to 1331 L Street accommodate the growth we expect, it also puts our office at the center of the region's transportation hub and provides our employees with access to all the amenities and attractions available in this vibrant part of the city. Also, having a major presence here will help us collaborate even more closely with our federal government clients, one of the fastest-growing segments of our business."
In total, CoStar expects that approximately $9.0 million will be spent to fund building and tenant improvements associated with the headquarters move to D.C., of which 35% of the contract dollar volume for the design, build-out and improvements within the building is expected to be contracted through certified local, small and disadvantaged business enterprises.
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 Washington, D.C., CoStar has approximately 1,500 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit CoStar Group.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2009, and CoStar's Form 10-Q for the quarter ended June 30, 2010, under the heading "Risk Factors." In addition to these statements, there can be no assurance that CoStar will experience many years of future growth; that the company's presence in D.C. will help it collaborate more closely with its federal government clients; that the federal government will continue to be the fastest growing segment of the company's business; and that the amount spent to fund tenant improvements and the percentage of contract dollar volume for design, build-out and improvements that is contracted through certified local, small and disadvantaged business enterprises will be as set forth in the release. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
CONTACT: CoStar Group, Inc. Analysts/Investors: Brian J. Radecki, Chief Financial Officer (202) 336-6920 firstname.lastname@example.org Media: Vikki Kayne, Senior Director, Media Relations (202) 336-6996 email@example.com