FX.co ★ CoStar Group Inks Deal With Gartner To Secure Relocation Of Headquarters To Arlington, Virginia

CoStar Group (CSGP) announced on Friday that it has entered into an agreement with Gartner, Inc. (IT), a research and consulting firm, to assume the back-office space previously leased by Gartner in Arlington, Virginia. This property, located at 1201 Wilson Boulevard, comprises an impressive 552,000 square feet and boasts LEED Platinum certification, signifying its environmental efficiency and sustainability.

Earlier this year, CoStar Group acquired this notable property with plans to move its employees from Washington, DC, to Arlington in a strategic effort to transition its corporate headquarters.

Gartner has agreed to vacate 11 floors at 1201 Wilson Boulevard, facilitating CoStar Group's headquarters relocation, which is expected to occur in early 2025. Additionally, as part of the agreement, Gartner has paid CoStar Group a $48 million early termination fee and has secured a new lease for approximately 49,000 square feet on the 11th and 12th floors of the same building. This lease extends through December 2032 and is set at prevailing market rates.

The agreement effectively provides CoStar Group with the necessary space at 1201 Wilson Boulevard to execute the relocation of its headquarters from Washington, DC, scheduled for early 2025. Prior to making their decision, CoStar Group evaluated over 25 potential sites in areas including Washington, DC itself, as well as in Rosslyn, Crystal City, and Tyson's Corner, before ultimately selecting 1201 Wilson Boulevard.

Strategically positioned above the Rosslyn Metro station, 1201 Wilson Boulevard offers excellent connectivity to Ronald Reagan National Airport and Dulles International Airport, as well as accessibility to five major road networks throughout the greater Washington DC area.