Current:Home > InvestReal estate company CoStar bolts Washington, D.C., for Virginia -Momentum Wealth Path
Real estate company CoStar bolts Washington, D.C., for Virginia
View
Date:2025-04-13 11:33:18
ARLINGTON, Va. (AP) — Real estate data firm CoStar Group is moving its headquarters from Washington, D.C., to northern Virginia, a move that will bring roughly 650 jobs to the state.
The company, which operates the apartments.com and homes.com websites, said Tuesday that it expects to move to the Rosslyn section of Arlington County, just across the Potomac River from the nation’s capital, by the end of the year.
The relocation is expected to result in 500 jobs moving from D.C., plus the creation of 150 new jobs.
Virginia is providing $4.75 million in economic incentives to lure the company. The move comes as the Legislature is considering a $2 billion deal to relocate the NBA’s Washington Wizards and NHL’s Washington Capitals from their home in downtown to Washington to northern Virginia.
Critics of the sports team deal have questioned the wisdom of poaching business from the region’s economic core to the suburbs.
In a statement, Virginia Gov. Glenn Youngkin said, “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.”
As part of the deal, CoStar will pay Arlington County nearly $14 million to obtain sole use of an observation deck located on the 31st floor of the office tower it is buying. The observation deck has been open to the public.
The county says the money will be used to help fund reconstruction of a park in Rosslyn.
CoStar has more than 6,200 employees and already has a large presence in Virginia; the company’s research and data analytics headquarters is in Richmond and employs more than 1,000 workers there, with plans to expand.
Arlington County has successfully recruited numerous corporate headquarters in recent years, most famously landing the second Amazon headquarters in 2018. Boeing, and the U.S. headquarters of Nestle and European supermarket giant Lidl are among other recent arrivals.
JBG Smith, the real estate company selling the office tower to CoStar, declined comment Wednesday.
veryGood! (63516)
Related
- 2025 'Doomsday Clock': This is how close we are to self
- Ice-T Says His and Coco Austin’s 7-Year-Old Daughter Chanel Still Sleeps in Their Bed
- Are the Canadian wildfires still burning? Here's a status update
- Why Christine Quinn's Status With Chrishell Stause May Surprise You After Selling Sunset Feud
- This was the average Social Security benefit in 2004, and here's what it is now
- Environmental Group Alleges Scientific Fraud in Disputed Methane Studies
- A stranger noticed Jackie Briggs' birthmark. It saved her life
- Kourtney Kardashian and Travis Barker's Latest PDA Photo Will Make You Blush
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Jenna Ortega Is Joining Beetlejuice 2—and the Movie Is Coming Out Sooner Than You Think
Ranking
- California DMV apologizes for license plate that some say mocks Oct. 7 attack on Israel
- Michelle Yeoh Didn't Recognize Co-Star Pete Davidson and We Simply Can't Relate
- Jennifer Garner Reveals Why Her Kids Prefer to Watch Dad Ben Affleck’s Movies
- Scarlett Johansson Recalls Being “Sad and Disappointed” in Disney’s Response to Her Lawsuit
- Louvre will undergo expansion and restoration project, Macron says
- Is Coal Ash Killing This Oklahoma Town?
- Industries Try to Strip Power from Ohio River’s Water Quality Commission
- Too many Black babies are dying. Birth workers in Kansas fight to keep them alive
Recommendation
The Super Bowl could end in a 'three
Feds Pour Millions into Innovative Energy Storage Projects in New York
Hoda Kotb Recalls Moving Moment With Daughter Hope's Nurse Amid Recent Hospitalization
This week on Sunday Morning (June 11)
Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
The rate of alcohol-related deaths in the U.S. rose 30% in the first year of COVID
CDC issues new opioid prescribing guidance, giving doctors more leeway to treat pain
How climate change is raising the cost of food