1201 Wilson Boulevard
Update
02/14/24
CoStar Group Acquires 1201 Wilson Boulevard, a LEED Platinum Office Building in Arlington, Virginia
CoStar Group has announced the purchase of 1201 Wilson Boulevard, a 552,000 square foot office building in Arlington, Virginia. CoStar Group plans to relocate its Washington, D.C. employees to Arlington and capitalize on nearly $7 million in tax and economic incentives.
With the Company’s current lease set to expire in 2025, CoStar Group assessed more than 25 viable sites across Washington, DC, Rosslyn, Crystal City and Tyson’s Corner before selecting 1201 Wilson Boulevard. With the industry’s largest team of researchers, economists, software developers and analysts focused on real estate, CoStar Group enjoys a unique perspective on commercial property values and believes that current market conditions provide an opportune time to acquire a high-quality property at a significant discount. The company previously acquired 1331 L Street, NW, in Washington, D.C. in 2011 and executed a sale and leaseback transaction for over 140% return. That deal was the most profitable sale of Washington commercial real estate from the recession at the time.
“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.
1201 Wilson Boulevard is located directly above the Rosslyn Metro offering excellent access to Ronald Reagan National Airport and transportation, including five major road networks, from around the greater Washington D.C. area. The move to Rosslyn will offer employees access to extensive retail and dining amenities, a network of biking and jogging trails and the waterfront in a highly desirable, vibrant, and safe environment.
“Virginia is 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.”
This acquisition comes at a time of significant growth and expansion for CoStar Group, with revenue growing from $252 million in 2011 to $2.18 billion in 2022 and employees growing from 1,000 in 2011 to over 6,200 today. Founded in 1987, CoStar Group has digitized the real estate industry, empowering people to discover properties, insights, and connections that improve their businesses and lives. CoStar Group 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.
