Real estate research company CoStar bringing 730 jobs to Richmond

Real estate research company CoStar bringing 730 jobs to Richmond

RICHMOND, VA (WWBT) - CoStar Group, a real estate information analytics and online marketplace provider will open a research center in Richmond, bringing $8.2 million in investment and 732 jobs to the city, Governor Terry McAuliffe and Richmond Mayor Dwight Jones announced on Monday.

The company is headquartered in Washington, DC and has offices across the country, in Canada and Europe. In all, their staff totals 2,600 employees making it the industry's largest professional research organization.

The company will be located in the Foundry Park Building, leasing the top three floors of the building currently used by WestRock.

"CoStar is excited to become an essential business partner to the City of Richmond and the state 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 job pool, a superior quality of life for our employees and a culture that aligns to our business model."

Gov. McAuliffe said Virginia beat out states in the Southeast and Midwest to win the company's business which is estimated to have a total economic impact of around $250 million. McAuliffe posed for photos handing Mayor Jones a check for the City of Richmond for $4 million.

"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 Mayor Jones.

CoStar conducts expansive, ongoing research to produce the largest and most comprehensive database of commercial real estate information. It operates LoopNet, which is the leading online commercial real estate marketplace, and, which is the most trafficked apartment listing site.

"The company hires many young professionals and several factors weighed in on the location decision," said Vice President of Business Development at the Greater Richmond Partnership Rowena Fratarcangelo. "CoStar was looking for a downtown location, which attracts employees who enjoy living, working and playing in the same vicinity."

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