Real estate marketplace and analytics company CoStar Group will move its corporate headquarters from the District to a Rosslyn, Virginia, high-rise that it has acquired, bringing more than 600 employees to Arlington when it makes the move in late 2024.
CoStar, whose businesses include Loopnet, Apartments.com and Homes.com, will also pay Arlington County millions of dollars for exclusive use of the building’s observation deck, currently open to the public, with its sweeping Potomac River and D.C. monument views.
CoStar acquired the 31-story building at 1201 Wilson Blvd., called Central Place, from developer JBG Smith for an undisclosed sum. The building is directly across from the Rosslyn Metro station. CoStar will occupy 150,000 square feet of the 560,000-square-foot building.
CoStar moved its headquarters to the 13th and L Streets in Northwest D.C. from Bethesda in 2010.
As part of the move, CoStar will pay almost $14 million to Arlington County for sole use of the Observation Deck. The county will earmark those funds for reconstruction of Rosslyn’s Gateway Park, allowing the county to complete the public space, years ahead of schedule.
It is the latest blow to D.C.’s list of prized corporate tenants announced this year.
Monumental Sports & Entertainment announced its proposed relocation to Alexandria, along with the Wizards and Capitals teams from the Capital One Arena.
Fannie Mae said last month it would cut its headquarters lease short at Midtown Center.
CoStar, an S&P 500-listed company, will join other notable headquarters in Arlington, including AES Corp, Amazon, Boeing, Nestle SA, and RTX.
CoStar already has a major presence in Virginia, specifically Richmond, where it opened a global operations center in 2016, and recently broke ground on a Richmond campus that will double its workforce in the city. CoStar has more than 6,200 employees globally.
CoStar said it considered more than 25 locations for relocating its headquarters, including buildings in Crystal City and Tysons.
CoStar Group has grown from annual revenue of $252 million in 2011 to $2.18 billion in revenue in 2022.
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