RICHMOND, Va.–(BUSINESS WIRE)–CoStar Group – a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets – today announced the expansion of the company’s corporate office footprint in Richmond, VA., with the purchase of a 5-story 117,448 SF office building in the Manchester neighborhood for $20 million. The property was vacant at the time of the sale and was formerly fully occupied by SunTrust (now Truist), which relocated to an adjacent building.
The newly acquired building located at 901 Semmes Avenue will be visually connected across the James River to CoStar Group’s existing research, sales and technology center and its planned 750,000 SF new corporate campus creating a sense of familiarity and cohesion for the employees who will occupy the space.
“CoStar Group is experiencing significant growth and this building will support our talented and expanding team of professionals who provide value to our customers every day,” said Andrew Florance, Founder and Chief Executive Officer, CoStar Group. This purchase further signifies our long-term commitment to growing in Richmond – a city and region with deep pools of talent and a community that encourages innovation. We are very excited about our continued expansion in Richmond, creating rewarding new jobs and deepening our community engagement and involvement.”
CoStar Group has a proud history of growth and success in Richmond where it employs more than 1,200 talented professionals. Adding to the company’s commitment to the broader Richmond community, the company continues its focus on providing job opportunities to the people of Virginia. Over the next five to ten years, the company’s planned growth is expected to make CoStar Group the largest technology company and one of the largest private employers in Richmond.
For more information on CoStar Group, visit CoStarGroup.com. The company is currently hiring for roles based in Richmond and in global offices around the world, learn about job openings by visiting CoStarGroup.com/careers.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit www.CoStarGroup.com.