Global Real Estate Giant CoStar Group Chooses Arlington for its HQ
February 13, 2024 | By MEDIA CONTACT: Ryan Hudson, County Manager's Office
ARLINGTON, Va. — Arlington Economic Development is pleased to announce CoStar Group will move its global headquarters to Rosslyn. CoStar Group, a leading global provider of online real estate marketplaces, information, and analytics in the property markets, has purchased 1201 Wilson Boulevard, a 560,000-square-foot office building known as Central Place Tower, and will move into the location in late 2024. CoStar Group will occupy 150,000 square feet of commercial office space and employ 650 workers in Arlington. Included in the S&P 500 Index and the NASDAQ 100, CoStar Group employs over 6,200 globally and is comprised of notable industry products and online marketplaces covering all aspects of real estate, including CoStar, LoopNet, Apartments.com, Homes.com and STR.
Earlier today, Governor Glenn Youngkin approved a $1.25 million grant from the Commonwealth’s Opportunity Fund to assist Arlington County with this project. The Governor also approved $3.5 million in funds from the Virginia Economic Development Incentive Grant.
“Virginia’s a great choice for a new corporate headquarters location, and we are excited that CoStar Group, a leading provider of online real estate marketplaces, information, and analytics in the property markets, sees the economic advantage in moving to the Commonwealth,” said Governor Glenn Youngkin. “As states compete for business and jobs, the Commonwealth’s diverse, world-class talent, exceptional quality of life and stable business climate continues to stand out. We are proud that CoStar has chosen Virginia as its home.”
“The financially strategic acquisition of this building will provide the perfect home for the more than 500 employees at our current headquarters. We’re incredibly thankful for our 14 years calling Washington, D.C. home, and we will continue to be a part of this community even as we move across the river to Arlington County,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group.
“CoStar Group’s move to Arlington is a huge win and a testament to our high quality of life, dynamic urban centers, unparalleled talent pool and business-friendly environment,” said Ryan Touhill, Director, Arlington Economic Development. “CoStar Group’s outright purchase of the building also signifies confidence in our commercial real estate market, which is key to our ongoing efforts to reduce office vacancies.”
Expediting Improvements to Rosslyn’s Gateway Park
CoStar Group will pay $13,951,900 to Arlington County to obtain sole use of the Observation Deck at 1201 Wilson Boulevard. With this payment, the County Manager will ask that the County Board act on CoStar’s land use applications and allow them exclusive use of the Observation Deck. In addition, the County Manager will propose that these funds be allocated towards the reconstruction of Rosslyn’s Gateway Park as part of the upcoming Capital Improvement Plan. The extra funding will allow for the entire Rosslyn neighborhood’s prized public space to be completed nearly a decade sooner than planned. The almost $14 million in funding from CoStar Group will pay a significant portion of the design and construction of the park’s west end — a benefit for Arlington County and its residents. Once approved, Gateway Park’s east and west sides will be designed and constructed as one project informed by an upcoming community engagement process. Once the company submits the required land use applications and works through the public process, the County will take the necessary actions to vacate the Observation Deck easement.
“CoStar Group’s strategic move to Arlington reinforces our attractiveness as a hub for innovative global businesses,” said Libby Garvey, Chair, Arlington County Board. “We are thrilled to welcome CoStar Group to Rosslyn, where their presence is sure to have positive economic impacts and will help to strengthen the neighborhood — especially with the faster realization of a reconstructed Gateway Park.”
In Good Company
CoStar Group joins additional businesses with headquarters of note in Arlington, including AES, Amazon, Boeing, Nestlé and RTX. Given CoStar Group’s real estate industry expertise, the decision to purchase 1201 Wilson Boulevard and remain in the region is a significant indicator of Arlington’s premier location.
“We are excited to welcome CoStar Group to Rosslyn and eager to have yet another headquarters and new owner call our community home,” said Mary-Claire Burick, President, Rosslyn Business Improvement District (BID). “This move not only exemplifies Rosslyn as a destination of choice for leading businesses and savvy investors but continues to advance our vision for Rosslyn as a vibrant and thriving urban center.”
The amenities of the Rosslyn location will meet the needs of CoStar Group’s fast-paced and collaborative workplace environment. CoStar Group’s employees are expected to be in the office four times a week, which will add to the vitality of Rosslyn’s ongoing transformation into a mixed-used neighborhood. Centrally located, CoStar Group’s workplace will afford staff easy access to the Metro and restaurants, retail, recreational parks and green spaces.