Foundry Park - CoStar HQ

[eandslee]

17 minutes ago, KJHburg said:

this is surprising that CoStar is moving its headquarters but not to Richmond their biggest employment based but just over the river to Arlington County Rosslyn area.

From the DC Biz Journal:

""CoStar Group Inc. (NASDAQ: CSGP) is expected to move its headquarters to Rosslyn, consolidating its presence in Virginia and dealing another blow to downtown D.C.

The real estate data giant, which has steadily grown its Virginia operations — most notably in Richmond — even while maintaining its official headquarters in the District, is near a deal to acquire the Central Place office tower in Arlington from JBG Smith Properties Inc. (NYSE: JBGS), according to sources familiar with those negotiations.

On Jan. 12, Virginia's State Corporation Commission accepted an application for a certificate of registration to amend the name of a CoStar entity formed in 2020 from CSGP Holdings LLC to CoStar Central Place HQ LLC. That document was signed by Scott Wheeler, CoStar's chief financial officer.

CoStar and Bethesda-based JBG Smith declined to comment.

The expected move represents another big economic development win for Virginia and another loss for D.C., on the heels of Monumental Sports & Entertainment's proposed relocation to Alexandria and Fannie Mae confirming it will cut its lease short at Midtown Center by five years — the mortgage giant has a major office in Reston and the option to relocate its headquarters there.

Representatives with Mayor Muriel Bowser's office and the Office of the Deputy Mayor for Planning and Economic Development were not immediately available for comment.

CoStar, incentivized by a $6.1 million, 10-year tax abatement from the District, relocated its headquarters from Bethesda to D.C. in 2010. It bought 1331 L for $41.25 million that same year, then sold it barely a year later for $101 million, earning a $60 million profit. It has remained at 1331 L, which sold again for $87 million in 2019, under 15-year lease.""

Over time, CoStar has moved to greatly expand its presence in the commonwealth, investing hundreds of millions of dollars into its Richmond-area research and operations campus — backed by Virginia incentives — and promising to deliver some 2,000 jobs. The company, which has grown largely through aggressive acquisition of the likes of Loopnet, Apartments.com, Homes.com and many others, has 5,600 employees and reported $2.18 billion in revenue in 2022, according to Washington Business Journal research.

The JBG Cos. broke ground on the 31-story Central Place residential tower at 1800 N. Lynn St. in April 2014, and the 31-story office tower, then known as the CEB Tower, at 1201 Wilson Blvd. five months later. The two combined delivered nearly 400 residences, 560,000 square feet office, 45,000 square feet of retail and restaurants and a large public plaza to a prime site directly across North Moore Street from the Rosslyn Metro station.""

 

 

I'm not surprised by this.  Richmond will be the CoStar Research HQ, but the overall HQ will remain in a larger city where travel is easier...plus, I'm sure many who work at the HQ already have homes in the DC area and do not want to move.  Still, the preponderance of the employees will be in Richmond.  It is very similar to what Capital One has done.  HQ in the DC area, operations HQ in the Richmond area.

[I miss RVA]

Just now, eandslee said:

I'm not surprised by this.  Richmond will be the CoStar Research HQ, but the overall HQ will remain in a larger city where travel is easier...plus, I'm sure many who work at the HQ already have homes in the DC area and do not want to move.  Still, the preponderance of the employees will be in Richmond.  It is very similar to what Capital One has done.  HQ in the DC area, operations HQ in the Richmond area.

And recall, CoStar's CEO has said on multiple occasions that the building of the new riverfront CoStar Research HQ campus and the 2,000 additional jobs very well could be only the beginning of their investment and development in Richmond. I've gotten the inkling that, from all indications, the completion of the CoStar tower is not the end of their involvement in potentially large developments in Richmond - developments which could bring additional large-scale construction but also who knows how many additional jobs.

[eandslee]

24 minutes ago, I miss RVA said:

And recall, CoStar's CEO has said on multiple occasions that the building of the new riverfront CoStar Research HQ campus and the 2,000 additional jobs very well could be only the beginning of their investment and development in Richmond. I've gotten the inkling that, from all indications, the completion of the CoStar tower is not the end of their involvement in potentially large developments in Richmond - developments which could bring additional large-scale construction but also who knows how many additional jobs.

I agree.  Looking forward to many good things CoStar will do for the City of Richmond and the region!

[KJHburg]

I just thought they would move their HQ there but I guess their top executives did not want to leave NoVa and their expensive homes with low interest rates.  But they might wanted to be near a major airport.  

[eandslee]

22 minutes ago, KJHburg said:

I just thought they would move their HQ there but I guess their top executives did not want to leave NoVa and their expensive homes with low interest rates.  But they might wanted to be near a major airport.  

Yep, for the reasons you mentioned would be my guess as to why they decided to stay in the DC metro area.  It’s okay. They may want to move to Richmond in the future after we’ve done a little more growing up. 

[I miss RVA]

"But they might wanted to be near a major airport." 

And THIS point EXACTLY reinforces my whole assertion that we were all debating last week about RIC and whether or not it is "competing" against other regional airports. And while -- in this specific case -- it's not ORF, it DOES drive home the fact that RIC -- despite some really WONDERFUL growth and despite all of its fantastic potential to be a tremendous asset to metro RVA -- is simply NOT A MAJOR AIRPORT. Not saying this is a specific issue tying CoStar to metropolitan Washington )(but it very well may be) - HOWEVER - if a company needs absolute proximity & adjacency to a truly "major" airport, it's not going to have that coming to Richmond.

Unless and until RIC experiences SIGNIFICANT growth (and doesn't just schlep along this growth over the next however many decades) our NOT having a truly "major" airport here will hold us back and is going to be a stumbling block again and again and again.

And for those who want to counter this by saying - "oh, but DCA and IAD are just up the road" as an argument that RIC is "fine as it is" yada yada, I say: Yeah... DCA and IAD are just up the road. And so is CoStar's global HQ. 

Edited January 31 by I miss RVA

[eandslee]

56 minutes ago, I miss RVA said:

"But they might wanted to be near a major airport." 

And THIS point EXACTLY reinforces my whole assertion that we were all debating last week about RIC and whether or not it is "competing" against other regional airports. And while -- in this specific case -- it's not ORF, it DOES drive home the fact that RIC -- despite some really WONDERFUL growth and despite all of its fantastic potential to be a tremendous asset to metro RVA -- is simply NOT A MAJOR AIRPORT. Not saying this is a specific issue tying CoStar to metropolitan Washington )(but it very well may be) - HOWEVER - if a company needs absolute proximity & adjacency to a truly "major" airport, it's not going to have that coming to Richmond.

Unless and until RIC experiences SIGNIFICANT growth (and doesn't just schlep along this growth over the next however many decades) our NOT having a truly "major" airport here will hold us back and is going to be a stumbling block again and again and again.

And for those who want to counter this by saying - "oh, but DCA and IAD are just up the road" as an argument that RIC is "fine as it is" yada yada, I say: Yeah... DCA and IAD are just up the road. And so is CoStar's global HQ. 

Completely agree!  I do wonder if RIC was a major airport, if CoStar’s HQ would have moved to Richmond.  Still maybe not because the employees up here in NOVA are established, but maybe so - it’s cheaper to live in Richmond, they could get so much more house in the Richmond area for a lot less…and with a major airport, there would be no issues getting virtually anywhere nonstop.  Couple the airport with the GreenCity arena (if Richmond were to land a major league team - I know that’s a little ambitious) - heck, they could have everything they like in the DC area down in Richmond!  
 

Bottom line:  Richmond is still not there and has much more growing to do.  Even if Richmond were to gain significant momentum in popularity (as in “everyone is moving there and is hailed as the next up-and-coming big city in the south”), that alone could attract more HQs to land in Richmond!  Anyway, we just have to catch the wave that southern cities that were once our peers are riding….and all that we’re wishing will come. 

[KJHburg]

I think if your airport was bigger and offered more flights they would have moved their HQ to Richmond.  On the other hand I dont know how many people are in this DC office now and how much space they are taking in this tower I will follow it closely.  It sounds like all their future job growth will be in Richmond for sure as they are done with DC.  Would like to see what Costar says about this move and key will be how much space they take in that building.  Must live in Great Falls or McLean and want a quick commute.  

In terms of more air service you might have to get better costs for the airlines  (landing fees etc) and even incentives for new airlines.  Maybe you are doing that and of course facilities and capacity like additonal gates or willingness to build one.     Charlotte, Atlanta and Dallas would not be anywhere near as big as they are without a huge hub airports.   Air travel is what caused all those cities to boom and grow big. 

[Flood Zone]

11 hours ago, eandslee said:

if Richmond were to land a major league team - I know that’s a little ambitious

A little?

Back when Jack Kent Cooke was agitating for a new stadium (ultimately, but not satisfyingly, what is now known as FedEx Field in Landover, or as he called it, Raljon), Jerry Linquist of the RTD wrote a column jokingly suggesting that Richmond could have the Redskins, and they could play at City Stadium. All you needed to do was airlift 22,000 fans out and a new 22,000 fans in after every quarter.

At any rate, sure, having a bigger (much bigger) RIC might help on the margins of decisions like CoStar. But at the end of the day, if there's a viable plan to stay in the DC area, you stay. Too much going for it, including convenience for your executives.

[RiverYuppy]

It would have been amazing if they moved here. I wish they were planning on keeping a smaller footprint in NoVA and really building out RVA. A 37 story tower is a pretty big investment in NoVA.

My assumption is that executives didn't want to move here for a variety of reasons (airport, uprooting family, friends, amenities, etc.). If I had a multi-million dollar condo in DC, I wouldn't want to move to RVA either (*ducks and hides*). 

This is why it matters that more development happens in the city rather than the continuous sprawl. If we had a vibrant and walkable downtown it might be more enticing to move here. The way for us to get a more vibrant and walkable downtown is to have more people live downtown. A new sprawling apartment complex in the counties does absolutely nothing to help with enticing an executive to move here.

At least they're way better than Capital One that gives us nothing more than a boring suburban office park that encourages everyone to live in Powhatan and encourages relocation hires to not live in Richmond.

Edited January 31 by RiverYuppy

[I miss RVA]

2 hours ago, Flood Zone said:

At any rate, sure, having a bigger (much bigger) RIC might help on the margins of decisions like CoStar.

But at the end of the day, if there's a viable plan to stay in the DC area, you stay. Too much going for it

1.) A significantly larger RIC with significantly more/better service across the board (more/better selection of flights, more/better selection of destinations including international service, more/better selection of carriers) will help SIGNIFICANTLY. As has been stated already, Atlanta, Charlotte, Dallas all owe much of their enormous booms over the last however many decades to having huge hub airports. And where there are plenty of examples where cities make the airport (Nashville is a good example) - it's clear as day that the airport CAN make the city.

2.) EXACTLY WHY I KEEP HAMMERING THAT WE'RE SIMPLY TOO DAMN SMALL!!!  Take out the proximity to the levers of federal power - if money (as in expenditure) is no object, what company will choose a metro of 1.4 million with an extremely limited airport over a metro of 7 million with global-level airports?

And PLEASE spare me the worn out "quality of life" argument. It's a total non sequitur. For BIG companies, it comes down to their bottom line - particularly if -- again -- expenditure is not a real consideration. There is a LOT more money to be made in the Washington-Baltimore metro area than there EVER will be in metro RVA, Hampton Roads, etc. It's not even debatable. This is why RVA tends to attract "smaller potato" types of companies that can't necessarily afford the cost of living or the sizeable investment it would take to be in a place like metro D.C. But the BIG TIME - HEAVY HITTERS - that have more money than God and don't mind spending it likely won't EVER have an RVA on their radar when they can just as easily snag something in a market the size of Washington. It's just the nature of the beast.

You've heard me say this all the time: the rich get richer.

EVEN WITH THAT SAID: Heaven realllllllllllllllly smiled on us with CoStar - and the good part is that -- apparently -- the primary thrust of their future job growth will be HERE. As their CEO has indicated - it seems like they're just getting started here. But, no - I don't think we will EVER see them move the global HQ here. Whatever. Better to get everything else - particularly if we end up (over time of course) with, say, 10K workers here vs 1,500 in NOVA. It's a huge WIN for us.

[Flood Zone]

2 hours ago, I miss RVA said:

EXACTLY WHY I KEEP HAMMERING THAT WE'RE SIMPLY TOO DAMN SMALL!!! 

As a wise man from a classic bit of space fantasy once said, "There's always a bigger fish."*

History has a long arc. In retrospect, decades from now, someone might be able to pinpoint something that caused RVA to become a considerably larger metro area than it is now. (Not just raw population, but as compared to other metros.) Maybe we've already seen it and noted it: the movement of people down here from NoVa due to the availability of telework options. It will take organic population migration, not just the landing of a big corporate HQ or two, to accomplish that. Takes time. Or maybe not. For now, however, we're going to be small-to-mid-sized, incrementally climbing the list as others decline relatively speaking. RVA will surpass Memphis and Louisville pretty soon, if it hasn't already, and, assuming the continuation of current trends, a decade from now Milwaukee and Providence will be within sight. Moving toward top-40. Progress.

*Consider Charlotte. It's grown massively since the 1950s, has the big airport, two major league teams ... and, compared to Detroit, an MSA in decades of free-fall, it's 60% the size.

 

  

[I miss RVA]

6 hours ago, Flood Zone said:

As a wise man from a classic bit of space fantasy once said, "There's always a bigger fish."*

History has a long arc. In retrospect, decades from now, someone might be able to pinpoint something that caused RVA to become a considerably larger metro area than it is now. (Not just raw population, but as compared to other metros.) Maybe we've already seen it and noted it: the movement of people down here from NoVa due to the availability of telework options. It will take organic population migration, not just the landing of a big corporate HQ or two, to accomplish that. Takes time. Or maybe not. For now, however, we're going to be small-to-mid-sized, incrementally climbing the list as others decline relatively speaking. RVA will surpass Memphis and Louisville pretty soon, if it hasn't already, and, assuming the continuation of current trends, a decade from now Milwaukee and Providence will be within sight. Moving toward top-40. Progress.

*Consider Charlotte. It's grown massively since the 1950s, has the big airport, two major league teams ... and, compared to Detroit, an MSA in decades of free-fall, it's 60% the size.

 

  

I hear what you are saying - and these are valid points. Respectfully, I'm surmising that you're younger than I am (you may not be - but I think most folks in our community here are). If you're young - then (God-willing) you'll have MANY decades to hopefully see and enjoy all of this come to pass.

My friend, I'm 61 - not in the best of shape - and it's probably reasonable to suggest that I don't have 40 or 50 more years ahead of me to see all of this. If I get to stick around another 20 years, I'll be grateful. If I make it another 30? Wow - Snoopy dance!!! Well, provided I'm physically and -- even more importantly -- cognitively viable, that is.

The long and the short of it is: I DON'T HAVE four or five more decades to sit around waiting for all of this to happen. Organic growth means that even if I manage to make it another 20 or 30 years and don't develop dementia, Alzheimer's, suffer some kind of TBI, etc. - RVA ain't gonna be all that much bigger by the time I exit stage left than she is right now. And I'm supposed to be happy about this?

Incremental, inch-by-inch, snail's pace growth does absolutely NOTHING for me AT ALL. NISHT! Nada!  If all RVA has is incremental growth, then it basically means I'm effectively condemned to never EVER see this city become what I've been dreaming my whole life it would become or do what I've been dreaming my whole life it would -- especially since there was SO much hope and SO much promise and SO much talk about it 50-plus years ago. Anyone who was here back then and saw the plans, heard the talk, etc., knows and understands.

Selfish? You betcha! And I'm unapologetically selfish about this. I know it's water under the bridge - but Jesus Christ - RVA has wasted 50 years of my life spinning its wheels and being small - when other cities of comparable size 50 years ago have blossomed -- and are continuing to blossom -- in ways WE WERE SUPPOSED TO BUT NEVER DID! It's not just Charlotte. The list is long, the names are familiar. I won't waste time rehashing them.

Do you understand where I'm coming from?

So, yeah - I AM excited and thrilled and happy to see the progress being made. Don't get me wrong. It's unprecedented in my lifetime - and I LOVE IT!!! I'm SO excited about how this year might shake out for us. SO much good stuff in the pipeline - and I can't help but feel - and hope - that we're still only scratching the surface. BUT MAN... it's dampened for me because I know full well I probably won't live to see RVA REALLLLLY boom, or the airport become a legitimately "major" airport. Some of y'all MIGHT live to see it (and if not you, then maybe your kids or grandkids) - but I don't imagine I'll ever see it.

One other thought, respectfully, regarding your final point about Detroit: Both the Detroit MSA and CSA are significantly larger today than they were in the 1950 census. The MSA is roughly 1.2 million people larger (2022 estimate) and the last several decades have seen minor fluctuations plus or minus a few percentage points. The CSA has grown by even more, clocking in some 1.7 million people larger in 2022 (estimate) than in 1950, also with minor fluctuations plus or minus a few percentage points over the last several decades.

Rather, it's the CITY of Detroit, which was utterly decimated by the collapse of the auto industry there. The city went from 1.85 million in 1950 to 620,000 in 2022 (estimate) - as you said, a 65% loss of population - following more than 70 years of epic population loss. 

 

Edited February 1 by I miss RVA

[Brent114]

The DC area is compelling for far more than its airports and sports franchises.   
 

The schools are phenomenal (K-12 and universities).  The cultural institutions are among the best in the county (Green City isn’t going to compete with the Kennedy Center.  The VMFA is fabulous but it’s no National Gallery).    Access to capital and influence cannot be matched anywhere outside of Manhattan.  The shopping is leaps and bounds above what Richmond offers.  The food is better.  It’s a truly international region and not just home to a bunch of immigrants.  It’s home to foreign dignitaries, king makers.  Ones children would potentially have access to the most tony internships.   Your children and spouses can peruse media and technology careers etc.   

There’s a reason that it’s the wealthiest metro in the country.   We are lucky to receive any scraps that CoStar will send our way but no one should hold their breath waiting for an established and large business there to uproot and head to Richmond. 

[I miss RVA]

7 minutes ago, Brent114 said:

The DC area is compelling for far more than its airports and sports franchises.   
 

The schools are phenomenal (K-12 and universities).  The cultural institutions are among the best in the county (Green City isn’t going to compete with the Kennedy Center.  The VMFA is fabulous but it’s no National Gallery).    Access to capital and influence cannot be matched anywhere outside of Manhattan.  The shopping is leaps and bounds above what Richmond offers.  The food is better.  It’s a truly international region and not just home to a bunch of immigrants.  It’s home to foreign dignitaries, king makers.  Ones children would potentially have access to the most tony internships.   Your children and spouses can peruse media and technology careers etc.   

There’s a reason that it’s the wealthiest metro in the country.   We are lucky to receive any scraps that CoStar will send our way but no one should hold their breath waiting for an established and large business there to uproot and head to Richmond. 

    %

[KJHburg]

Just did a quick job search on CoStar's website  84 open positions in Richmond vs.  69 in DC but those seem to be a lot of audio AV jobs and cybersecurity.  Keep watching this and see how this changes.  I am surprised that most of those jobs in DC are not also cross posted in Richmond.  A cybersecurity person from Atlanta or Dallas probably would not move to DC due to the cost of living but would to Richmond.

Careers | CoStar Group

Many banking jobs I see posted in Charlotte are cross posted in various cities in order to tap into a bigger net of potential employees but still requiring some kind of office attendance.  

[Flood Zone]

@I miss RVA, I’m younger but not much younger, my friend!

[Downtowner]

I have to ask what flights do we need that we don’t currently have to lure more big fish? Is it about what flights we don’t have or is it the number of flights? What are we lacking at the  airport numbers wise or destination wise to lure more big fish? 

[KJHburg]

17 minutes ago, Downtowner said:

I have to ask what flights do we need that we don’t currently have to lure more big fish? Is it about what flights we don’t have or is it the number of flights? What are we lacking at the  airport numbers wise or destination wise to lure more big fish? 

Here is the RIC route map 

Route Map - Richmond International Airport (flyrichmond.com)

I would say #1 Los Angeles but others Seattle, Minneapolis, San Diego, Austin, San Antonio, St Louis, Kansas City, Ohio cities, even BWI.  

Look at RDU nonstops just south 

Nonstop Destinations - Raleigh-Durham International Airport (rdu.com)

Edited February 1 by KJHburg

[I miss RVA]

1 hour ago, Downtowner said:

I have to ask what flights do we need that we don’t currently have to lure more big fish? Is it about what flights we don’t have or is it the number of flights? What are we lacking at the  airport numbers wise or destination wise to lure more big fish? 

I'll defer to our airport gurus (@blopp1234, @eandslee, @Niccckk) for "common sense" answers - but I'd suggest looking at the destination list of some of the country's biggest airports. Now - the caveat is that the biggest airports are all major hubs - which is something that RIC isn't likely EVER going to be. So -- in a way -- it's an apples-to-oranges comparison.

But start here. Since CLT comes up in discussion so often (and unquestionably has had SUCH a huge impact on that city's tropospheric growth) this will give you an idea. TOTALLY apples-to-oranges bc this airport has had 45 years of exceptional growth - and is now on the lower end of the category of airports that includes ATL, DFW, LAX, ORD, etc. CLT compared to RIC is like comparing the Kansas City Chiefs to any of the metro area's high school JV football teams. Nonetheless:

https://cltairport.mediaroom.com/Destinations

-- OR --

For something a BIT more of an apples-to-apples comparison - here's the roster from Nashville, even though BNA compared to RIC would be like comparing the Alabama Crimson Tide football team to the Richmond Spiders. 

https://flynashville.com/flights/nonstop-destinations

 

Edited February 1 by I miss RVA

[I miss RVA]

37 minutes ago, KJHburg said:

Here is the RIC route map 

Route Map - Richmond International Airport (flyrichmond.com)

I would say #1 Los Angeles but others Seattle, Minneapolis, San Diego, Austin, San Antonio, St Louis, Kansas City, Ohio cities, even BWI.  

Look at RDU nonstops just south 

Nonstop Destinations - Raleigh-Durham International Airport (rdu.com)

You beat me to the punch - but we were thinking along the same lines.

Edited February 1 by I miss RVA

[Child2021]

Costar's tower is coming along pretty well, as it looks like the third elevator shaft is rising oit of the ground from the main tower. The second tower is also progressing as big concrete blocks are starting to show.

[Brent114]

There’s finally stuff to gaze upon there  

 

 

[I miss RVA]

7 hours ago, Brent114 said:

There’s finally stuff to gaze upon there  

 

 

Love it!! Man - this kinda reminds me of when the Dominion Tower (unironically in this photo!) was first coming out of the ground a few years ago.

Welp - you know the drill, @Brent114. Crews at the official RVA/UP warehouse will be freshly polishing your RVA/UP Silver Hardware and loading it into the shipping crate for quick delivery. Mazal Tov!

Edited February 11 by I miss RVA

[KJHburg]

well it is official Costar is moving their HQ to Arlington County from DC. 

From the DC Biz Journal this afternoon:

""CoStar Group Inc. (Nasdaq: CSGP) said Tuesday it has acquired the Central Place office tower at 1201 Wilson Blvd. in Rosslyn, where it will relocate its headquarters and roughly 500 employees, exiting D.C. after roughly 14 years.

The acquisition confirms the news we first reported in late January, that the real estate data giant was finalizing a deal with the building's owner, JBG Smith Properties Inc. (NYSE: JBGS). The sale price for the 552,000-square-foot tower was not immediately available, but CoStar is expected to occupy 150,000 square feet as soon as late 2024.

“The financially strategic acquisition of this building will provide the perfect home for the more than 500 employees at our current headquarters," CoStar CEO and founder Andy Florance said in a statement. "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."

CoStar, whose new headquarters will sit across the street from the home of Nestle USA and steps from the Rosslyn Metro station, will invest $20 million in the move, which will include the relocation of 500 existing jobs and the creation of 150 more, Gov. Glenn Youngkin said in a statement. Earlier Tuesday, Youngkin approved a $1.25 million grant from the Commonwealth's Opportunity Fund and another $3.5 million from the Virginia Economic Development Grant program to support the relocation.

In its release, CoStar said it would take advantage of nearly $7 million in tax and economic incentives for the move — the full incentive picture was not immediately clear. It considered 25 "viable" sites in D.C. and Virginia before landing on 1201 Wilson. Currently based at 1331 L St. NW, the company said it "believes that current market conditions provide an opportune time to acquire a high-quality property at a significant discount." 

CoStar relocated its headquarters from Bethesda to D.C. in 2010. It bought 1331 L for $41.25 million that same year, then sold it barely a year later for $101 million, earning a $60 million profit. It has remained at 1331 L, which sold again for $87 million in 2019, under 15-year lease.

While it has remained based in the District, CoStar has aggressively expanded in Virginia, specifically Richmond where it maintains a research and operations campus. The company cleared $2 billion in revenue in 2022 and now employs 6,200 across all of its offices.

The JBG Cos. broke ground on the 31-story Central Place residential tower at 1800 N. Lynn St. in April 2014, and the 31-story office tower, then known as the CEB Tower, at 1201 Wilson Blvd. five months later. The two combined delivered nearly 400 residences, 560,000 square feet office, 45,000 square feet of retail and restaurants and a large public plaza.""