CoStar Group said Friday it had reached an agreement with research and consulting firm Gartner to take back-office space previously leased by Gartner in Arlington, VA. Located at 1201 Wilson Blvd., the building is a 552,000-square-foot office tower that CoStar acquired earlier this year with the intention of relocating its Washington, DC employees to Arlington as part of a corporate headquarters transition when the DC lease expires next year.

As part of the deal, Gartner paid CoStar Group a $48-million early termination fee and signed a new lease for approximately 49,000 square feet at 1201 Wilson Blvd. through December 2032. The deal unlocks enough space to enable CoStar to relocate its headquarters from Washington, DC in early 2025.

“We’ve always intended for 1201 Wilson to become CoStar Group’s 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 Andy Florance, founder and CEO of CoStar Group.

The investor of a four-building business Park in Arlington has lost that investment, to the bank that had the loan on it. Pinnacle Bank Texas took back the office park at auction for $30 million from Opal Holdings. Opal Holdings defaulted on a $40 million loan the bank made in 2021.

The Dallas Business Journal reports that Opal Holdings bought the renovated Centerpoint office park in Arlington from Boston-based Albany Road Real Estate Partners in 2021. The park is legally listed as the Six Flags Business Park in Tarrant County records.

The office park at 600, 616, and 624 Six Flags Dr. and 2401 E. Randol Mill Road has about 450,000 square feet of space. TXRE Properties handles leasing of the property. The buildings are home to a variety of tenants including the North Central Texas Council of Governments at 616 Six Flags Dr.

The appraised value of the office park is about $43 million, according to Tarrant Appraisal District records.

CBRE has arranged a new 57,161-square-foot industrial lease with the first tenant within Northwest Gateway Center, a newly constructed two-building industrial campus in Arlington Heights, Illinois. CBRE’s Jack Brennan, Mike Sedjo, John Hamilton, and Ben Dickey represented the owner, Ridgeline Property Group, in the transaction.

Located at 3625 N. Wilke Road, Northwest Gateway Center consists of 511,664 square feet of industrial, showroom, and office space across two buildings. The properties are situated on a highly visible interchange at Highway 53 & Dundee Road, just 20 minutes from O’Hare Airport.

“As demand for strategic distribution and last-mile faculties continues to increase, well-located real estate like Northwest Gateway Center will continue to draw interest from a wide range of tenants,” said Brennan.

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