CoStar Group Acquires 1201 Wilson Boulevard, a LEED Platinum Office Building in Arlington, Virginia
February 13 2024 - 5:57PM
Business Wire
Thirteen years after realizing over 140% gain
on the sale of the current Washington, D.C. location, the Company
is again taking advantage of a downturn in commercial real estate
to acquire Class A office space.
CoStar Group (NASDAQ: CSGP), a leading provider of online real
estate marketplaces, information, and analytics in the property
markets, today 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.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a leading provider of online real
estate marketplaces, information, and analytics in the property
markets. Founded in 1987, CoStar Group conducts expansive, ongoing
research to produce and maintain the largest and most comprehensive
database of real estate information. CoStar is the global leader in
commercial real estate information, analytics, and news, enabling
clients to analyze, interpret and gain unmatched insight on
property values, market conditions and availabilities.
Apartments.com is the leading online marketplace for renters
seeking great apartment homes, providing property managers and
owners a proven platform for marketing their properties. LoopNet is
the most heavily trafficked online commercial real estate
marketplace with over twelve million monthly global unique
visitors. STR provides premium data benchmarking, analytics, and
marketplace insights for the global hospitality industry. Ten-X
offers a leading platform for conducting commercial real estate
online auctions and negotiated bids. Homes.com is the fastest
growing online residential marketplace that connects agents,
buyers, and sellers. OnTheMarket is a leading residential property
portal in the United Kingdom. BureauxLocaux is one of the largest
specialized property portals for buying and leasing commercial real
estate in France. Business Immo is France’s leading commercial real
estate news service. Thomas Daily is Germany’s largest online data
pool in the real estate industry. Belbex is the premier source of
commercial space available to let and for sale in Spain. CoStar
Group’s websites attracted over 160 million unique monthly visitors
in September 2023. Headquartered in Washington, DC, CoStar Group
maintains offices throughout the U.S., Europe, Canada, and Asia.
From time to time, we plan to utilize our corporate website,
CoStarGroup.com, as a channel of distribution for material company
information. For more information, visit CoStarGroup.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240213045679/en/
News Media: Matthew Blocher CoStar Group (202) 346-6775
mblocher@costargroup.com
Investor Relations: Cyndi Eakin CoStar Group (202)
346-6784 ceakin@costar.com
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