CoStar Group Leases 41,551 SF

SAN DIEGO-In a deal that may be worth nearly $1 million per year, CoStar Group Inc. has agreed to sublease 41,551 sf from Gateway Inc. in the University Town Center area to relocate and expand its West Coast operations center.

CoStar will occupy the entire 4535 Towne Center Court, a two-story, 41,551-sf office building in the Towne Center Tech Park. The property is owned by CarrAmerica and leased to Gateway Inc. CoStar declined to release the lease terms, but based on the company¹s own figures, the average sublet triple ret rate is $23.19 per sf per year. Such a figure would make the deal worth nearly $1 million per year.

CoStar has been operating in San Diego for more than 18 years through its February 2000 acquisition of COMPS.com. The company currently employs over 210 people at its facility in Scripps Ranch.