RICHMOND, Va. (WRIC) — Today officials announced that the CoStar Group Inc. is expanding its corporate campus in Richmond by building a new 26 story building, creating 2,000 new jobs in the city.
“I am thrilled CoStar is investing yet again in Virginia,” Governor Ralph Northam said in a statement. “Their continued success is a direct result of our attractive business climate and dynamic workforce found across the state. CoStar has been a wonderful partner for the Commonwealth and I look forward to seeing what they accomplish next.”
Co-Star is a provider of real estate information, analytics, and online marketplaces. The company is expecting to invest more than $460 million in this project, as well as $4 billion in payroll over the next 10 years.
Both Northam and Richmond Mayor Levar Stoney called this announcement a big win for the state and city. Stoney says this will help Richmond “blast out of the gates” of the pandemic.
“Since arriving in 2016, the CoStar Group and its employees have been priceless additions to our community,” Stoney said in a statement. “Now, five years later, the company’s decision to invest more than $460 million and create 2,000 new jobs in Downtown Richmond along the riverfront speaks not only to past success, but also to its confidence to grow and prosper in our city in the future.”
The new campus will be 750,000 square feet and include office and retail space. It will include not only a 26-story, LEED-certified office building but also a six-story, multipurpose building for employee amenities. That will include a conference center, fitness and wellness facilities, an auditorium and mixed-use retail and restaurant spaces.
“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 Chief Executive Officer 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.”