A perch that has provided some of the best views of the D.C. skyline since 2018 is closing to the public.
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CoStar Group, after acquiring the 31-story Central Place Tower in Rosslyn for its new headquarters, received approval from the Arlington County Board Monday evening to take control of the top-floor observation deck that was previously free to the public, ARLnow first reported.
In exchange for shuttering the 22K SF public amenity, CoStar agreed to pay $14M to the county for improvements at Gateway Park. The design process on the park is underway and expected to start construction in 2026. The funds would accelerate planned public improvement renovations at the 3-acre park by eight years, according to a presentation at Monday's meeting.
The Board voted unanimously in favor of the agreement Monday.
“We are grateful to the Arlington County Board for their vision and commitment to community development, particularly through the expedited redevelopment of Gateway Park,” CoStar CEO Andy Florance said in an email to Bisnow.
“This investment aligns with our values and our mission to contribute positively to the communities where we operate. We look forward to being an active part of Arlington and seeing Gateway Park become a central hub for CoStar Group employees, residents and visitors alike,” he added.
CoStar declined to comment further on what it plans to do with the observation deck space.
The real estate data giant purchased the 552K SF Central Place Tower for its new headquarters in February, paying $339M for the tower developed by JBG Smith in 2018. CoStar plans to occupy 150K SF of the property, bringing with it 650 employees in a move from downtown D.C.
More than 32,000 people visited the observation deck in 2023, according to Arlington County. Sixteen percent of those were Arlington residents and 84% were nonresidents.
“We are sensitive to those in our community that view these actions as a loss of an agreed-upon community benefit and publicly accessible views,” Rosslyn Business Improvement District President Mary-Claire Burick said at Monday's meeting.
“However, we also understand that trade-offs are often necessary, and they are often inevitable in deals of this magnitude and certainly a necessary part of navigating today's challenging environment and bringing our commercial vacancy rates back down to healthy levels.”
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