12A — February 2024 — DelMarVa — M id A tlantic Real Estate Journal
www.marej.com
D el M ar V a
The company is investing nearly $14M in the purchase of a 560,000 s/f building Arlington Economic Development announces CoStar Group’s selection of Virginia for Global HQ
A RLINGTON, VA — CoStar Group has se- lected Arlington Coun-
175,000 s/f of commercial office space and employ 650 workers at the facility, lo- cated at 1201 Wilson Blvd. “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 ad- vantage in moving to the Com- monwealth,” said Governor Glenn Youngkin. “As states compete for business and jobs, the Commonwealth’s diverse, world-class talent, exceptional
quality of life and stable busi- ness 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 environ- ment,” said Ryan Touhill , director, Arlington Econom- ic 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 Wil- son Boulevard and remain in the region is a significant in - dicator of Arlington’s premier location. CoStar Group joins additional businesses with headquarters of note in Arling- ton, 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 ap- plications and allow them exclusive use of the observa- tion 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 en- tire Rosslyn neighborhood’s prized public space to be com- pleted 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 Wash- ington, DC home, and we will continue to be a part of this community even as we move across the river to Ar- lington County,” said Andy Florance , founder and CEO of CoStar Group. CoStar Group promotes an in-office work culture where employees work on- site at least four days per week, which will add to the vitality of Rosslyn’s ongo- ing 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 market- places covering all aspects of real estate, including CoStar, LoopNet, Apartments.com, Homes.com and STR. MAREJ
ty, for its global head- quarters, announced Arlington Economic Develop- ment . The real estate giant will r e l o c a t e
Ryan Touhill
to Central Place Tower, a 560,000 s/f office building in Arlington in late 2024. CoStar Group will occupy
Central Place Tower
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