Online Real Estate Firm CoStar To Relocate Headquarters To Rosslyn

ARLINGTON, VA — CoStar Group, a global leader in providing online real estate information and analytics of the properties it owns, has purchased the 560,000-square-foot Central Place Tower located at 1201 Wilson Blvd. in Rosslyn, according to the Arlington Economic Development.

In late 2024, CoStar Group will move its corporate headquarters to the building, occupying 150,000 square feet of commercial office space and employing 650 workers.

“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,” Gov. Glen Youngkin (R) said on Monday. “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.”

Earlier in the day, Youngkin approved a $1.25 million grant from the Commonwealth’s Opportunity Fund to help Arlington County with the project and $3.5 million in funds from the Virginia Economic Development Incentive Grant.

“The financially strategic acquisition of this building will provide the perfect home for the more than 500 employees at our current headquarters," said Andy Florance, CoStar Group's founder and chief executive officer of CoStar Group. "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."

Employing 6,200 workers worldwide, CoStar operates online real estate marketplaces, such as CoStar, LoopNet, Apartments.com, Homes.com and STR.

In addition to purchasing Central Place Tower, CoStar will pay Arlington County $13,951,900 for sole use of the Observation Deck at 1201 Wilson Blvd. Once that payment is made, County Manager Mark Schwartz will ask the county board to act on CoStar's land-use applications and approve the company's sole-use of the observation deck.

Schwartz will also ask board members to dedicate the nearly $14,000,000 in new funding toward the reconstruction of Gateway Park in Rosslyn, as part of the upcoming Capital Improvement Fund.

“CoStar Group’s strategic move to Arlington reinforces our attractiveness as a hub for innovative global businesses,” said Libby Garvey, Arlington County Board chair. “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."