Virginia
CoStar Close to Moving Headquarters from DC to Northern Virginia
Real estate data giant CoStar Group is poised to relocate its headquarters from downtown D.C. to Rosslyn, Virginia, consolidating its presence in the commonwealth.
CoStar is nearing a deal to acquire the Central Place office tower in Arlington from JBG Smith Properties Inc., the Washington Business Journal reported.
Virginia’s State Corporation Commission recently accepted an application from CoStar to amend the name of a CoStar entity, signaling its intentions to establish a new headquarters.
CoStar and JBG Smith declined to comment.
CoStar’s expected move underscores a trend of companies shifting operations from D.C. to neighboring Virginia. Monumental Sports & Entertainment is considering relocating to Alexandria, and Fannie Mae plans to shorten its lease at Midtown Center by five years, potentially moving its headquarters to Reston.
CoStar initially relocated its headquarters from Bethesda to D.C. in 2010, enticed by a $6.1 million tax abatement over 10 years from the District. However, the company has significantly expanded its presence in Virginia over time, investing hundreds of millions of dollars into its Richmond-area operations and promising thousands of jobs.
The company, known for aggressive acquisitions including Loopnet, Apartments.com, and Homes.com, reported $2.18 billion in revenue in 2022.
The Central Place office tower, part of a mixed-use development by JBG Smith, offers prime real estate with its proximity to the Rosslyn Metro station.
Last year, traffic to CoStar’s Homes.com hit 84 million average monthly unique visitors. That was enough to surpass Realtor.com as the second-most trafficked residential platform after moving past Redfin at the beginning of the year.
The company has also backed ventures such as “Battle of the Bids,” a fantasy-football-style contest where players make guesses on what commercial properties will sell for at an auction.
CoStar and JBG Smith are set to report fourth-quarter earnings on Feb. 20.