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Area Development - Site Selection, Facility Planning and Workforce Development

CoStar Establishes Richmond, Virginia, Corporate Campus

12/20/2021
CoStar Group, Inc., a leading provider of real estate information, analytics, and online marketplaces, will invest more than $460 million to expand in Richmond, Virginia. The project is expected to create 200 jobs.

The company 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 research and data analytics.

“Richmond is a growing community with access to a deep pool of diverse, highly-skilled workers, a vibrant culture of innovation and a wonderful quality of life for our existing and future employees,” said Andy Florance, Founder and CEO of CoStar Group. “The strong partnerships we have established with the Commonwealth of Virginia, the City of Richmond, and institutions of higher education such as VCU, will be critical for our continued growth. Virginia, Richmond, and Costar Group all have bright futures ahead, and we are excited to grow together.”

The Virginia Economic Development Partnership (VEDP) 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 leverage public infrastructure upgrades around the new campus to be funded by the Commonwealth through an investment approved by the Major Employment and Investment Project Approval Commission of up to $15 million, subject to approval by the General Assembly. These upgrades will address commuter and pedestrian access, roadway and traffic improvements, safety, and offsite utility extensions around the new campus.

“Richmond has become a technology hub with a diverse tech workforce, and CoStar Group’s continued expansion demonstrates how a region’s infrastructure and talent powers the growth and success of businesses,” said Secretary of Commerce and Trade Brian Ball. “We thank the company for creating 2,000 high-quality jobs and look forward to continuing our long-term partnership with CoStar.”

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, multipurpose building to be used as a central location for employee amenities. The multipurpose employee facility is expected to include conference facilities, fitness and wellness, auditorium, and mixed-use retail and restaurant spaces. Once completed, CoStar Group will occupy approximately one million square feet of office space in downtown Richmond.

“Since locating its research headquarters in Richmond five years ago, CoStar has found the right type of experienced, diverse IT talent the companies of tomorrow are looking for,” said Jennifer Wakefield, President and CEO of the Greater Richmond Partnership (GRP). “We’re thrilled CoStar is continuing to invest in Greater Richmond.”

Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. The company’s online services enable clients to analyze, interpret, and gain insight on commercial property values, market conditions, and current availability. CoStar Group’s brands include CoStar, Apartments.com, LoopNet, and Homes.com. Headquartered in Washington, D.C., CoStar maintains offices throughout the U.S. and in Europe, Canada, and Asia with a staff of approximately 4,800 worldwide.

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