The company is investing nearly $14 million in the purchase of a 560,000-square-foot building, which it is set to move to in late 2024
ARLINGTON, Va. , Feb. 14, 2024 /PRNewswire-PRWeb/ -- CoStar Group, a leading global provider of online real estate marketplaces, information, and analytics in the property markets, has selected Arlington County, Va. for its global headquarters, announced Arlington Economic Development. The real estate giant will relocate to Central Place Tower, a 560,000-square-foot office building in Arlington, Va. in late 2024. CoStar Group will occupy 175,000 square feet of commercial office space and employ 650 workers at the facility, located at 1201 Wilson Boulevard.
"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."
"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."
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. CoStar Group joins additional businesses with headquarters of note in Arlington, including AES, Amazon, Boeing, Nestlé and RTX.
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 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 promotes an in-office work culture where employees work onsite at least four days per week, which will add to the vitality of Rosslyn's ongoing transformation into a mixed-used neighborhood. Centrally located in Rosslyn, the company's workplace will afford staff easy access to the Metro and local amenities, such as restaurants, retail, recreational parks and green spaces. 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.
Arlington is home to the most educated workforce in the nation, with 75% of workers holding a bachelor's degree and 40% holding an advanced degree – three times more than the national average. It was ranked the second-best state to do business by CNBC and the fourth-best tech talent market in North America by CBRE in 2023. This is expected to continue to grow through Virginia's Tech Talent Investment Program, which is investing $2 billion to expand its tech talent pipeline, doubling the number of graduates each year in computer science and closely related fields. The region will soon be home to innovation campuses from George Mason University and Virginia Tech.
About Arlington Economic Development
Arlington Economic Development (AED), part of Arlington County Government, is dedicated to the preservation and enhancement of an economically competitive and sustainable community and the creation of exciting, diverse and amenity-rich places. AED provides visionary leadership and superior services to Arlington's business and arts community, its tourism industry and its real estate development. For more information, visit arlingtoneconomicdevelopment.com.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK's most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group's websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, http://www.costargroup.com, as a channel of distribution for material company information. For more information, visit http://www.costargroup.com.
Media Contact
Sam Brancato, Violet PR, 862.754.3332, [email protected], http://www.violetpr.com/
SOURCE CoStar Group
Share this article