“The strong partnerships we have established with the Commonwealth of Virginia, the City of Richmond, and institutions of higher education such as VCU, will be critical for our continued growth. Virginia, Richmond, and Costar Group all have bright futures ahead, and we are excited to grow together.”

CoStar moved its global research headquarters into the upper floors of a building at 501 S. Fifth St. – it is next to the Federal Reserve Bank of Richmond’s office tower – in late 2016 and early 2017. It acquired that building, which now has the CoStar name on all sides, for $130 million in January.

The new building will be next door on now-vacant 3.89 acres at 600 Tredegar St., which CoStar bought in August 2020 for $20 million.

The new space will include offices for sales, marketing, software development, customer service and support functions.

CoStar continues to grow here.

The company initially expected to employ about 730 people when CoStar moved its research operations here.  But CoStar kept adding employees locally.

It now has more than 1,000 people and it expects to add 1,000 to 2,000 more workers to its Richmond operations over the next couple of years, Andrew C. Florance, CoStar’s founder, president and CEO, said in January.

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Originally Appeared Here