Lincoln Property Co. has brokered a 25,200 s/f office lease renewal and expansion for CoStar Group, Inc. at 33 Arch St. in the city's Financial District.
Lincoln Property Co.'s senior vice president John Miller and assistant vice president Jeffrey Moore represented CoStar in the transaction. Timothy Lyne and Lauren Phelan Lipscomb of CB Richard Ellis/New England represented the landlord.
CoStar's lease represents an expansion of its operations onto the 33rd floor after the company acquired Property and Portfolio Research, Inc. (PPR), and Resolve Technology, Inc., both in 2009. PPR's offices are currently located at 260 Franklin St. and Resolve Technology is located at 300 First Ave. in Needham.
CoStar Group 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.
PPR is a leading, independent provider of global real estate analysis, market forecasts and credit risk analytics to the commercial real estate industry. Resolve Technology provides industry leading real estate business intelligence and real estate portfolio management software that enables investment managers to optimize the performance and maximize investor returns in their commercial real estate portfolios. The offices of the two wholly owned CoStar subsidiaries will join CoStar's Boston regional office in the building, occupying the top floor.
"CoStar has served the information needs of commercial real estate professionals in Boston for more than two decades," stated CoStar Group CEO Andrew C. Florance. "We welcome the opportunity following our acquisitions of PPR and Resolve Technology to expand CoStar's presence in this key U.S. market, which serves as a national financial center and the economic engine for New England. Our new office in Boston will be one of the largest outside our corporate headquarters and we look forward to becoming an even bigger part of the business community here."
Located in the heart of Boston's Financial District and Downtown Crossing, 33 Arch Street is a 600,000-square-foot Class A tower featuring panoramic views of the Charles River and the Boston Common. Awarded LEED Gold Certification and an ENERGY STAR label for operating efficiency, 33 Arch Street incorporates environmentally responsible building and operating practices that result in an improved workplace environment and lower operating costs.
This was an opportune time for CoStar Group to secure high quality space in a premier building for its expanded Boston operations, and the landlord to retain a valuable credit tenant," ," said Mr. Miller. "We were pleased to find a solution that fit our client's plans for growth and its requirement for an efficient, high quality workplace."
About Lincoln Property Company:
The Boston office of Lincoln Property Company, a national commercial real estate company, provides brokerage, investment sales, property management, appraisal/valuation and development and project management services to a wide range of clients. In Massachusetts alone, Lincoln Property manages over 10 million square feet of commercial space and is responsible for leasing millions of square feet of space. For more information on Lincoln Property Company's Boston office, visit: www.LPCBoston.com.
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 1,400 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit http://www.costar.com.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company for three years in a row. Please visit our Web site at www.cbre.com.
CB Richard Ellis' New England practice has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for: property leasing and sales, property facilities and project management, corporate services, debt and equity financing, investment management, valuation and appraisal, research and investment strategy, and consulting.