CoStar Group, Inc., a leading provider of online real estate marketplaces, information and analytics, specializing in multifamily and single family residential, office, industrial, retail, hospitality and land property sectors, announced the planned expansion of its research and technology center in Richmond, Virginia. The new corporate campus is expected to bring together over 3,000 employees to collaborate on cutting-edge technologies and research in support of the real estate industry. Over the next five to ten years, the planned growth would make CoStar Group the largest technology company and one of the largest private employers in Richmond.
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The new facility in Richmond will centralize CoStar Group’s technology, research, operations and sales talent in a city that offers a vibrant culture of innovation, a rich pool of qualified graduates from great Virginia universities, like Virginia Commonwealth University (VCU) and Virginia Tech, and an excellent quality of life. Teams based in Richmond will work in evolving areas such as advanced drone imagery, 3D visualization, forecasting, machine learning, econometrics and photogrammetry. In addition, CoStar’s marketing, research, sales and content development teams are expected to benefit from integration and scale as they support CoStar Group’s continued growth in the years ahead. After considering a variety of expansion alternatives, CoStar selected Richmond based on the availability of high-quality talent, efficiencies of scale with existing operations and state and local support for the project.
“Under Governor Northam Virginia was named the best state to do business in the 2021 CNBC rankings,” said Andrew Florance, Founder and Chief Executive Officer of CoStar Group. “Our decision to double down on investing in Virginia is driven by our confidence that with Governor-elect Youngkin’s successful commercial experience, Virginia will be open for business. With such strong support from both the Commonwealth of Virginia and the city of Richmond, CoStar Group is incredibly excited to make Richmond a hub that attracts the country’s top data scientists, real estate economists and software developers. We look forward to bringing thousands of our colleagues from across the country and from around the world to Richmond for training, advanced research and collaborative product development.”
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The planned corporate campus, situated on the James River, will itself reflect the spirit of innovation and collaboration that are central elements of CoStar Group’s culture and success. The 750,000 square feet of area of the two new planned buildings combined with CoStar Group’s current building at 501 S. 5th Street, will create a fully integrated campus of over one million square feet. The campus is expected to include a new 26-story LEED Platinum targeted office tower and a six-story, mass timber multipurpose building to be used as a campus hub for employee and community amenities. With CoStar Group’s commitment to sustainability, the project incorporates on-site energy generation, energy-efficient building systems and enclosures, and a reduced carbon footprint. Plans for the campus hub include conference space, fitness and wellness amenities, an auditorium, 50,000 square feet of occupiable green roof terraces, retail and a variety of restaurants and dining options. CoStar Group’s new campus plans incorporate over 2.65 acres of outdoor green space.
The unique stepping design elements of the new building architecture rise with the hillside overlooking the James River, with a series of elevated green terraces on both buildings taking advantage of open views in all directions. The dynamic cascading composition of the project’s architecture is inspired by and complementary to the buildings’ extraordinary site at the fall line of the James River in Richmond. Plazas and retail areas within the project will front Tredegar St. facing Richmond’s Browns Island Park as a dramatic addition to one of the city’s most treasured riverfront destinations. Overall, the project is beautifully designed to amplify the success of current and future cultural and civic events held along the river.
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