Commercial realty company CoStar Group, Inc. has announced it has settled on new company headquarters in Richmond Virginia, with the move expected to create 730 jobs.
Moving from Washington DC, CoStar will enjoy a new office space that boasts 125,000 square feet. It believes its new headquarters will place Richmond at the " absolute center of transaction flow for the nation's $17 trillion commercial real estate industry."
CoStar Group, which also owns online apartment search company, Apartments.com, creates and delivers information, marketing, and analytic tools that facilitate a large number of commercial real estate transactions in the United States.
The team in Richmond will collect, research, and analyse the in-depth market data necessary to help clients make the best decisions and drive connections between properties and companies that need those properties to grow their businesses.
Group founder and CEO of CoStar, Andrew Florance, said the decision to move to Richmond was driven by a need to better accommodate its staff.
"Our researchers play a very important role in our economy by helping growing businesses find the offices, stores, land, industrial properties or multifamily locations that are essential to their success," said Andrew Florance, CoStar Group Founder and Chief Executive Officer. "CoStar researchers develop close working relationships with top commercial real estate brokers, owners and investors to support billions of dollars of transactions. We employ a highly educated and motivated work force and chose Richmond as the ideal environment in which to grow our Company because it offers access to an incredibly strong higher education system and a great quality of life."
Earlier this year, Forbes named CoStar Group as one of the top ten software companies on its most innovative growth companies list. The new Richmond center is expected to be a technology innovation hub, powering the software development necessary to support the trillions of pieces of content making up the big data behind CoStar's success.