Virginia Gov. Glenn Youngkin announced that CoStar Group, Inc., a leading provider of online real estate marketplaces, information, and analytics for commercial and residential property markets, will invest $20 million to relocate its global headquarters from Washington, D.C. to Arlington County. The company purchased 1201 Wilson Boulevard, a 560,000-square-foot office building in Rosslyn known as Central Place Tower, and will occupy 150,000 square feet of commercial office space in late 2024. The move to the new headquarters will include 500 relocated jobs and 150 new jobs to the Commonwealth.
“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.”
“It is an honor to welcome CoStar Group’s global headquarters to Arlington County, complementing the company’s major research and development operations in the City of Richmond,” said Secretary of Commerce and Trade Caren Merrick. “Virginia represents a diversified ecosystem of more than 800 corporate headquarters in a broad cross-section of industries, and our overarching advantage cited is the ability to recruit top talent. We are building the workforce of the future in the Commonwealth so that industry leaders like CoStar Group continue to reinvest here.”
“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’s strategic move to Arlington reinforces our attractiveness as a hub for innovative global businesses,” said Libby Garvey, Chair, Arlington County Board. “We are thrilled to welcome Costar Group to Rosslyn, where their presence is sure to have positive economic impacts and will help to strengthen the neighborhood — especially with the faster realization of a reconstructed Gateway Park.”
“I extend a warm welcome to the CoStar Group. The decision to relocate the CoStar headquarters to Arlington County reinforces the positive environment state and local leaders have created for business,” said Senator Barbara Favola. “The well-educated workforce, world-class public schools, transit opportunities, and recreational spaces will be welcome assets for CoStar employees.”
Founded in 1987, CoStar Group (NASDAQ: CSGP) is a leading global provider of online real estate marketplaces, information, and analytics in the property markets. The company is on a mission to digitize the world’s real estate, empowering all people to discover properties, insights and connections that improve their businesses and lives. CoStar Group has grown to over 6,200 employees in 14 countries and is included in the S&P 500 Index, one of the premier benchmarks of the U.S. equities market, and in the NASDAQ 100, one of the world’s largest preeminent large-cap indexes.
CoStar Group established its headquarters for research and data analytics in the City of Richmond in 2016 and now employs more than 1,000 team members, representing one of the top 25 largest employers in the city. In 2021, CoStar announced plans to build a corporate campus in Richmond, creating an additional 2,000 new jobs. The new campus will be approximately 750,000 square feet of new office and retail space and is expected to include a 26-story, LEED-certified office building and a six-story, multipurpose building to be used as a central location for employee amenities.
The Virginia Economic Development Partnership worked with Arlington Economic Development to secure the project for Virginia. Governor 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. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
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