The expansion will include software development, research and development capabilities, sales, marketing and support functions
RICHMONDâGovernor Ralph Northam today announced that CoStar Group, Inc., a leading provider of real estate information, analysis and online marketplaces, plans to invest more than $ 460 million to grow in Richmond. CoStar plans to establish a corporate campus that will include sales, marketing, software development, customer service and support functions on four acres adjacent to its current facility, which serves as the company’s headquarters for the data research and analysis.
Virginia successfully competed with other mid-Atlantic and Southeastern states for the project, which is expected to create 2,000 new jobs.
“I am delighted that CoStar is investing again in Virginia” Governor Northam said. âTheir continued success is a direct result of our attractive business climate and our dynamic workforce that can be found statewide. CoStar has been a great partner for the Commonwealth and I can’t wait to see what they accomplish next. ”
The new campus represents approximately 750,000 square feet of new office and retail space and is expected to include a 26-story LEED-certified office building and a six-story mixed-use building that will be used as a central location for employee amenities. The versatile facility for employees is expected to include conference rooms, a fitness and wellness center, auditorium, and mixed-use retail and catering spaces. When completed, CoStar Group will occupy approximately one million square feet of office space in downtown Richmond.
Founded in 1987, CoStar Group conducts extensive and ongoing research to produce and maintain the largest and most comprehensive database of real estate information. The Company’s online services allow clients to analyze, interpret and better understand commercial property values, market conditions and current availability. CoStar Group brands include CoStar, Apartments.com, LoopNet and Homes.com, and its websites attract hundreds of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar has offices across the United States and Europe, Canada and Asia with a workforce of approximately 4,800 people worldwide.
“Richmond has grown into a tech hub with a diverse tech workforce, and the continued expansion of the CoStar Group demonstrates how a region’s infrastructure and talent drives business growth and success.” said Secretary of Commerce and Commerce Brian Ball. “We thank the company for creating 2,000 high quality jobs and look forward to continuing our long term partnership with CoStar.”
âRichmond is a growing community that has access to a large pool of diverse and highly skilled workers, a vibrant culture of innovation and a wonderful quality of life for our current and future employees. ” said Andy Florance, Founder and CEO of CoStar Group. âThe strong partnerships we have established with the Commonwealth of Virginia, the City of Richmond and higher education institutions such as VCU will be critical to our continued growth. Virginia, Richmond and Costar Group all have bright futures and we are excited to grow together. ”
The Virginia Economic Development Partnership worked with the City of Richmond, the Greater Richmond Partnership, and the General Assembly’s Major Employment and Investment Project Approval Commission to secure the project for Virginia. The project will take advantage of public infrastructure upgrades around the new campus which will be funded by the Commonwealth through an investment approved by the Major Employment and Investment Projects Approval Commission of up to $ 15 million, subject to the approval of the General Assembly. These improvements will include commuter and pedestrian access, pavement and traffic improvements, safety, and off-site utility extensions around the new campus.
“Today’s announcement demonstrates the CoStar Group’s continued confidence in the many benefits that make Virginia the nation’s premier business state, and we thank the company for its major economic impact in the city of Richmond.” said Major Jobs and Investment Approval Committee Chair Senator Janet Howell. “I congratulate the team that worked to ensure that CoStar selects the Commonwealth, and I am proud that the MEI Commission was able to play a role in securing this important project.”
“We thank the CoStar group for its major investment and the creation of 2,000 new jobs in the Commonwealth”, said Deputy Vice-President of the Commission for the Approval of Large Employment and Investment Projects, Luke Torian. âThe company’s new, world-class corporate campus will significantly expand CoStar’s footprint in the City of Richmond, and I am delighted that the MEI Commission has been able to collaborate with our state, regional and local partners on this tremendous project. .
âSince their arrival in 2016, the CoStar Group and its employees have been invaluable additions to our communityâ, said Mayor Levar Stoney. âToday, five years later, the company’s decision to invest more than $ 460 million and create 2,000 new jobs in downtown Richmond, along the river, is not only testament to its successes. past, but also his confidence to grow and prosper in our city in the future. Richmond’s talent pool, business climate, infrastructure improvements and quality of life make it the ideal home for the global leader in commercial real estate information and analysis. We are delighted with the significant expansion of the CoStar Group and look forward to continuing our positive and productive partnership.
“Since setting up its research headquarters in Richmond five years ago, CoStar has found the right kind of experienced and diverse IT talent that tomorrow’s businesses are looking for.” said Jennifer Wakefield, President and CEO of the Greater Richmond Partnership. âWe are delighted that CoStar continues to invest in Greater Richmond.
“CoStar Group, Inc. has been an important source of employment for Virginians”, Said Congressman Donald McEachin. âThe announcement that CoStar will continue to operate in Richmond and establish a corporate campus is exciting and will help further stimulate our local economy while providing significant opportunities for Virginians. The company’s decision is also a testament to the Commonwealth’s strong economic climate and a skilled and competitive workforce. I look forward to this expansion as we continue to work to strengthen and grow Virginia’s economy.
“This is a major boost for job creation in downtown Richmond”, said Senator Jennifer McClellan. âThe creation of nearly 2,000 new jobs will help provide economic opportunities for Richmond residents and support continued growth in the areas of software development and data analytics. I am delighted to see CoStar continue to grow and establish a corporate campus here in Richmond.
“The CoStar Center of Excellence is just the latest example of Richmond attracting companies at the cutting edge of innovation,” said delegate Jeff Bourne. âThe expansion of CoStar is a welcome addition, and I look forward to welcoming their new employees to our city. “
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