CoStar Group to Expand Employee Population and Footprint in Richmond, Virginia
CoStar Group (NASDAQ: CSGP) has announced the sublease of an additional 51,000 square feet of office space in Richmond, aimed at supporting over 200 employees. This expansion highlights CoStar's commitment to growth in the region since establishing its headquarters for global research operations in 2016. The new office will enhance local employment and economic vibrancy. Despite trends of businesses reevaluating office footprints, CoStar continues to grow, having recently purchased the Westrock building and planning further expansions.
- Expansion with an additional 51,000 square feet of office space in Richmond to support over 200 employees.
- CoStar is one of the top 25 largest employers in Richmond, reinforcing its commitment to local economic growth.
- Plans for further expansion, including the recent acquisition of the Westrock building.
- Risks associated with potential changes to expansion plans and the impact of the COVID-19 pandemic on office occupation timelines.
CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, has announced that it has subleased an additional 51,000-square-foot riverfront office space as part of the company’s continued growth and expansion in the city.
The new space is expected to support more than 200 staff as CoStar Group expands its operations in Richmond. CoStar Group employees will occupy the ninth, tenth and eleventh floors of the Riverfront Plaza East Tower. The additional headcount is expected to have a positive impact on the vibrancy of the city and the local Richmond economy, and further underscores the company’s commitment to the broader Richmond community.
“Since our decision to headquarter our global research operations in the city of Richmond in 2016, we have remained fully committed to the economic development and growth of this community and the Commonwealth of Virginia,” said Lisa Ruggles, Senior Vice President of Global Research, Analytics and News. “As a fast-paced company with plans for further expansion, this new space will allow us to comfortably grow our team, create job opportunities and tap into the local, rich talent pool, allowing for increased engagement and networking opportunities in a city we are proud to call home.”
Located at 951 East Byrd Street, the new space is just a short walk from the CoStar Group Global Research Operations Headquarters, which the company first moved into in late 2016 before acquiring the nine-story building earlier this year. More than 1,000 CoStar Group team members currently work in Richmond, making the company one of the top 25 largest employers in the city.
While the company’s research and data has identified a trend of businesses reevaluating their office footprint, CoStar Group continues its expansion. With the purchase of the Westrock building and the adjacent land earlier this year, CoStar Group plans to continue to explore future opportunities to grow its operations in Richmond in the coming years.
Of CoStar Group’s 88 locations worldwide, its employee population in Richmond remains its largest. Adding to the company’s commitment to Virginia Commonwealth University and programs like VAReady, the company continues its focus on providing job opportunities to the people of Virginia and supporting economic development in the city of Richmond.
For more information about CoStar Group, visit CoStarGroup.com.
About CoStar Group
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. 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 sector. 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. Realla is the UK’s most comprehensive commercial property digital marketplace. 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. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,600 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.
This news release includes “forward-looking statements” including, without limitation, statements regarding CoStar'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’s business, expansion and growth plans change , the risk that the additional headcount does not have the expected impact, and the risk that timing for occupation of the new office space may be impacted by the current COVID-19 pandemic or other unforeseen circumstances. 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'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, 2020, which is filed with the SEC, including in the "Risk Factors" section of that filing, as well as the company'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.
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