CoStar Group to Expand Employee Population and Footprint in Richmond, Virginia
March 09 2021 - 10:00AM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20210309005723/en/
Matthew Blocher CoStar Group (202) 346-6775
mblocher@costar.com
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