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CoStar Group Breaks Ground on Campus Expansion in Richmond
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Rhea-AI Summary
CoStar Group (NASDAQ: CSGP) has commenced construction on a new research and technology center in Richmond, Virginia. This 1-million-square-foot facility is projected to create over 2,000 jobs in various sectors including research, technology, and operations. The expansion will solidify CoStar's position as the largest technology company in Richmond, complementing its existing workforce of over 1,500 employees. The project emphasizes sustainability with energy-efficient designs and green spaces, aligning with CoStar's commitment to community and economic growth.
Positive
Construction of a 1-million-square-foot research and technology center in Richmond, expected to create over 2,000 new jobs.
CoStar Group aims to become the largest technology company and one of the largest private employers in Richmond.
Expansion underscores commitment to sustainable practices with energy-efficient building systems.
Negative
Potential risks related to the actual creation of jobs as planned, which could affect local employment expectations.
Ambiguity surrounding the anticipated benefits of the expansion, which may not materialize as expected.
Governor Glenn Youngkin, Richmond Mayor Levar Stoney, CoStar Group Founder and CEO Andy Florance, community partners and the public came together as construction kicked off on CoStar Group’s research and technology center
The 1-million-square-foot hub will bring over 2,000 jobs to the area and boast expansive green spaces, best-in-class amenities and advanced tech capabilities
RICHMOND, Va.--(BUSINESS WIRE)--
CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, today broke ground on its research and technology center expansion in Richmond, Virginia. CoStar Group celebrated the milestone with a ceremony and speeches from The Honorable Glenn Youngkin, Governor, Commonwealth of Virginia; The Honorable Caren Merrick, Secretary of Commerce and Trade, Commonwealth of Virginia; The Honorable Levar Stoney, Mayor, City of Richmond; The Honorable Ellen F. Robertson, Council Vice President, Richmond City Council; Leonard Sledge, Economic Development Director, City of Richmond; and Andy Florance, Founder and Chief Executive Officer of CoStar Group.
(Photo: Business Wire)
CoStar Group first established its global research operations in the City of Richmond in 2016 and has grown to over 1,500 employees – marking its largest employment hub and solidifying its position as one of the largest office tenants in Richmond. With the corporate campus expansion including two new buildings spanning 750,000 square feet, CoStar Group plans to introduce an additional 2,000 jobs to the area, specifically in research, technology, operations, software development, marketing and sales roles. Once the site is fully complete, CoStar Group is poised to become the largest technology company and one of the largest private employers in Richmond.
“Since initially planting our flag in Richmond a few years ago, we’ve seen the incredible opportunities the city has to offer for both living and working,” said Mr. Florance. “Richmond boasts premier access to higher education, top-tier talent pools, strong community partnerships and unbeatable amenities, from riverfront views and ample greenspace to restaurant, retail and entertainment options. We’re committed to the growth and economic development of the region, and we look forward to furthering our presence in the great City of Richmond.”
Of CoStar Group’s locations worldwide, its employee population in Richmond remains the largest. The company has made significant community ties, including with Virginia Commonwealth University, Richmond Public Schools and programs like the Virginia Ready Initiative (VAReady), a nonprofit organization dedicated to retraining and equipping Virginia residents who want to develop new skills, find a fulfilling and sustainable career and take their future into their own hands.
“It’s been extraordinary to see CoStar Group’s impact spread across the Commonwealth since 2016 and we’re looking forward to the company’s next chapter of growth in the City of Richmond,” said Governor Youngkin. “We are committed to making Virginia the most attractive state for companies, like the CoStar Group, by having a best-in-class workforce to meet the challenges of growing businesses.”
“CoStar Group’s continued commitment to the City of Richmond, witnessed with today’s groundbreaking, represents a significant investment in the future of our city and its people,” said Richmond Mayor Levar M. Stoney. “The skyline-defining expansion to come is just one example of the fruitful and productive partnership we have forged since 2016, one we look forward to building upon in the years to come.”
Located on the banks of the James River, CoStar Group’s current space at 501 S. 5th Street combined with the two new buildings will create a fully integrated corporate campus of over one million square feet. The two-building complex will house a 21-story, LEED-certified office tower and a five-story multipurpose building to be used as a central hub for employee and community amenities. The project also incorporates on-site energy generation, energy-efficient building systems and enclosures and a reduced carbon footprint, in line with CoStar Group’s commitment to sustainability.
The new building architecture is uniquely designed to rise with the hillside, overlooking the James River with approximately 50,000 square feet of elevated green terraces that boast 360-degree views. Planned amenities for the campus hub include conference space, fitness and wellness capabilities, an auditorium, over 2.65 acres of outdoor green space and a variety of retail and restaurant options.
The groundbreaking in Richmond builds on a remarkable year of growth at CoStar Group. In September 2022, CoStar Group was selected for inclusion in the S&P 500 Index, one of the premier benchmarks of the U.S. equities market, demonstrating its growth from a startup in Andy Florance’s dorm room to a globally recognized brand. CoStar Group now employs more than 5,300 employees in 80 cities in 14 countries around the world.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets. 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.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar Group's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that CoStar Group’s business, expansion, construction and growth plans and needs change; the risk that the expansion plans do not create or result in the expected benefits or result in CoStar Group becoming the largest technology company and largest private employer in Richmond; the possibility that the Company is unable to or does not create the number of jobs expected; and the risk that the Company is unable to hire or retain the number of employees currently expected or to fill the number of jobs created. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar Group's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements, whether as a result of new information, future events or otherwise.
