Real estate data company KoStar Group is moving its headquarters from Washington, D.C., to Northern Virginia, a move that will bring about 650 jobs to the state.
The company, which operates the websites Apartment.com and Homes.com, announced Tuesday that it plans to move to the Roslyn area of Arlington County, across the Potomac River from the nation's capital, by the end of the year.
The move is expected to move 500 jobs out of DC and create an additional 150 new jobs.
Virginia is offering $4.75 million in economic incentives to attract the company. The move comes as Congress considers a $2 billion deal that would move the NBA's Washington Wizards and NHL's Washington Capitals from their downtown Washington home base to Northern Virginia.
Critics of sports team contracts question the wisdom of pulling business from regional economic centers to the suburbs.
“As states compete for business and jobs, the commonwealth's diverse, world-class workforce, outstanding quality of life, and stable business environment continue to stand out,” Virginia Governor Glenn Youngkin said in a statement. I'm proud that they chose Virginia.” As a hometown. ”
As part of the deal, KoStar will pay Arlington County approximately $14 million for the sole use of the observation deck on the 31st floor of the office tower it is purchasing. The observation deck is now open to the public.
The county says the money will be used to rebuild Roslyn's park.
CoStar has more than 6,200 employees and already has a large presence in Virginia. The company's research and data analytics headquarters are in Richmond, where he employs more than 1,000 people and plans to expand.
Arlington County has successfully attracted a number of corporate headquarters in recent years, most notably with Amazon's second headquarters in 2018. Boeing, the US headquarters of Nestlé, and European supermarket giant Lidl are among the companies that have recently moved into the area.
JBG Smith, the real estate company that sold the office tower to Coster, declined to comment Wednesday.
The announcement came days after the co-starring group spent millions on a Super Bowl commercial featuring Dan Levy and Jeff Goldblum, The New York Times reported.
