RICHMOND, Va. -- City and state leaders gathered at CoStar Group in downtown Richmond Friday morning to announce an expansion that will bring thousands of new jobs to the city.
The company will be investing more than $460 million to expand their Richmond headquarters, leading to 2,000 new jobs, explained Governor Ralph Northam, Richmond Mayor Levar Stoney and CoStar CEO Andrew Florance.
“CoStar Group’s expansion will be a major part of Richmond’s post-pandemic renaissance," said Stoney.
CoStar Group provides real estate information, analytics and online marketplaces. The company’s new Richmond campus will include approximately 750,000 square feet of new office and retail space.
A 26-story LEED-certified office building will also be developed near CoStar’s current site, making it the tallest building in the Richmond skyline.
"It's going to be a fantastic place," Florance explained. "We think it will be a great addition to the city and will be a great ongoing story for the city of Richmond."
CoStar said eventually a total of 3,000 to 4,000 employees will work in Richmond, something city and state leaders say will make a huge economic impact and enhance Virginia’s ability to do business.
“We compete with other states," said Northam. "This is a competitive world we live in, and for Virginia to be the number one state in which to do business in this country of ours two years running is very commendable.”
CoStar said its partnership with Virginia colleges, like VCU, and being able to attract new employees also led them to grow in Richmond.
Once this new project is complete, the company will occupy around one million square feet of office space in downtown Richmond.