Arlington, VA, February 13, 2024 – Arlington Economic Development proudly announces the relocation of CoStar Group’s global headquarters to the vibrant neighborhood of Rosslyn. CoStar Group, a premier provider of online real estate services, analytics, and marketplaces worldwide, has finalized the acquisition of the Central Place Tower at 1201 Wilson Boulevard. This 560,000-square-foot office tower will soon house CoStar Group’s operations, with the company taking over 150,000 square feet of office space and bringing 650 jobs to Arlington by late 2024. Recognized in both the S&P 500 Index and the NASDAQ 100, CoStar Group’s extensive portfolio includes industry-leading platforms such as CoStar, LoopNet, Apartments.com, Homes.com, and STR, employing over 6,200 people globally.
In support of this significant move, Virginia Governor Glenn Youngkin has sanctioned a $1.25 million grant from the Commonwealth’s Opportunity Fund, alongside a $3.5 million contribution from the Virginia Economic Development Incentive Grant, underscoring the state’s commitment to fostering a competitive business environment and promoting job creation. Governor Youngkin highlighted Virginia’s appeal as an ideal location for corporate headquarters, praising the state’s diverse talent, quality of life, and business-friendly climate.
CoStar Group’s CEO, Andy Florance, expressed gratitude for the company’s years in Washington, D.C., and excitement about the new phase in Arlington, emphasizing the strategic nature of this move for the company’s growth and its continued commitment to the D.C. area.
The relocation is seen as a significant win for Arlington, showcasing the county’s appeal to high-profile businesses thanks to its quality of life, dynamic urban centers, and skilled workforce. Ryan Touhill, Director of Arlington Economic Development, noted CoStar Group’s building purchase as a strong vote of confidence in Arlington’s commercial real estate market, which plays a crucial role in the county’s strategy to lower office vacancies.
Moreover, CoStar Group’s move will expedite the enhancement of Rosslyn’s Gateway Park, thanks to a $13,951,900 contribution from the company for exclusive use of the Observation Deck at 1201 Wilson Boulevard. This funding is earmarked for the park’s west end reconstruction, advancing its completion by nearly a decade. The project, pending approval, will be informed by community engagement and aims to enrich Arlington County’s public spaces.
Arlington County Board Chair, Libby Garvey, and Mary-Claire Burick, President of the Rosslyn Business Improvement District, both welcomed CoStar Group, highlighting the positive economic impact and the strengthening of Rosslyn’s status as a prime location for global businesses and investments. The Rosslyn area, known for its mix of retail, dining, and green spaces, is anticipated to further thrive from the influx of CoStar Group employees, contributing to the ongoing development of a vibrant urban community.