CoStar Group will invest $8.17 million in a new research and software development center in Richmond, VA. The Washington, DC-based provider of commercial real estate information, analytics and online marketplaces also considered locations in the Southeast and Midwest for the project. The new R&D center will create 732 new jobs and have a total economic impact of $250 million via direct local salaries, lease on the property, and capital improvements at the facility.
“CoStar is excited to become an essential business partner to the City of Richmond and the Commonwealth of Virginia,” said Andrew Florance, CoStar Founder and Chief Executive Officer. “This is an opportunity that allows us to expand our research and software development capabilities in a city that provides a highly educated labor pool, a superior quality of life for our employees and a culture that aligns to our business model.”
The Virginia Economic Development Partnership worked with the City of Richmond and the Greater Richmond Partnership to land the project. Governor Terry McAuliffe approved a $4 million grant from the Commonwealth’s Opportunity Fund to assist Richmond with the project. CoStar Group is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“We are thrilled to welcome CoStar Group to Virginia and to our capital city,” said Gov. McAuliffe. “This will be a transformational project for the City of Richmond and the greater metropolitan area, bringing a new, high-profile corporate partner and more than 700 high-paying jobs. With our outstanding technology infrastructure and our unparalleled higher education system, the Commonwealth is a hub for the IT sector and the perfect home for CoStar’s research operation. Today is a huge milestone for Richmond and for our efforts to diversify and build a new Virginia economy.”
“CoStar Group is one of the fastest-growing businesses in the country, and it is an honor that this company chose Virginia to house its research center,” said Secretary of Commerce and Trade Todd Haymore. “This project will broaden Richmond’s economy and capitalize on one of the Commonwealth’s greatest strengths—our highly ranked technology workforce, which accounts for more than 172,000 jobs. We look forward to watching CoStar Group’s success and welcome them to Virginia’s corporate roster.”
“The fact that CoStar, the world’s leader in commercial real estate information, has chosen the City of Richmond as the location of its new research headquarters, says a lot about the quality of our workforce and our real estate,” said City of Richmond Mayor Dwight Jones. “The company’s 732 new, full-time employees, working in the heart of our central business district along the James River, will bring additional life to an increasingly thriving downtown. We look forward to partnering with CoStar through our Office of Community Wealth Building workforce programs and our multi-modal transportation initiatives to immediately promote new, high-quality jobs to our city’s citizens that will be available early calendar year 2017.”
Relocating or Expanding Your Business In Virginia
Considering Virginia for your company’s relocation or expansion project? Check out Business Facilities’ Virginia Incentives and Workforce Development Guide.
