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 people 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 this week, Gov. 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 … sees the economic advantage in moving to the Commonwealth,” said Youngkin.
“The financially strategic acquisition of this building will provide the perfect home for the more than 500 employees at our current headquarter,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group.
“CoStar Group’s outright purchase of the building signifies confidence in our commercial real estate market, which is key to our ongoing efforts to reduce office vacancies,” said Ryan Touhill, Director, Arlington Economic Development.
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 joins 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.