CoStar to Move into New $41 Million Arlington, VA Headquarters

The U.S. real estate portal and data giant CoStar has announced that it has signed a deal worth $41.25 million to buy a new office building.

The 552,000-square-foot space will serve as CoStar's new headquarters and is located in Arlington, Virginia, just across the river from the company's current headquarters in Washington D.C.

Commenting on the move, CoStar founder and CEO Andy Florance said:

“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.”

The new headquarters comes with some financial benefits. It has been reported that Virginia Governor Glenn Youngkin has offered $4.75 million in economic incentives in return for the roughly 150 new jobs CoStar will create in the state.

As well as its new HQ, CoStar is in the middle of building a $460 million expansion of its Richmond campus. The expansion, started in November 2022, will reportedly allow the company to expand its workforce there from 1,500 to 3,500 employees at a time when it is seeking to de-throne Zillow and become the country's number one residential real estate portal operator.

If both projects go as planned CoStar's head count could rise to as many as 8,000.