CoStar Group Accelerates HQ Move with Gartner Agreement

Author

Slice of Real Estate Team
November 05, 2024

Key Highlights:

  • CoStar Group transitions HQ to Arlington’s 1201 Wilson Boulevard

  • Gartner pays $48M to exit early and signs a 49,000 sq. ft. lease

  • CoStar’s relocation expected to complete in early 2025

  • New HQ offers prime access to amenities, Metro, and airports

  • Revenue has grown from $252M in 2011 to $2.46B in 2023

Source: Business Wire

Notable Quote:

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"We’ve always intended for 1201 Wilson to become CoStar Group’s headquarters, but this agreement makes it possible for us to complete that process even faster and to better accommodate our continued rapid growth and expansion."

Andy Florance, Founder and CEO at CoStar Group

Our Take:

This strategic move by CoStar Group to finalize its Arlington headquarters solidifies the company’s commitment to operational excellence in a prime location, enhancing its proximity to business-friendly infrastructure and an extensive amenities network. The decision to accelerate this relocation underscores CoStar’s significant growth, fueled by robust demand for real estate data and analytics. This headquarters shift not only facilitates CoStar’s continued expansion but also aligns with the company’s track record of seizing market opportunities, as evidenced by its profitable acquisition and sale-leaseback transactions in Washington, DC. The relocation positions CoStar ideally for further scaling and reinforces its influence within the commercial real estate sector.