CoStar Group expands presence in Richmond

CRE information, analytics firm subleases extra 51,000 square feet

Published March 9, 2021 by Sydney Lake

Riverfront Plaza towers in downtown Richmond

Commercial real estate information and analytics company CoStar Group Inc. announced Tuesday it has subleased an additional 51,000-square-foot office space in Richmond.

More than 200 staff members are expected to be based on the ninth, 10th and 11th floors of the Riverfront Plaza East Tower at 951 East Byrd Street, less than a mile from its global research operations headquarters in downtown Richmond.

“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,” Lisa Ruggles, CoStar senior vice president of global research, analytics and news, said in a statement.

More than 1,000 CoStar employees are based in Richmond, making it the largest of the company’s 88 worldwide offices. The Washington, D.C.-based company moved its global research operations to Richmond in 2016.

The CoStar Group in late January purchased the 137,000-square-foot WestRock office building in Richmond for $130 million, according to Richmond property records. The company plans to “continue to explore future opportunities to grow its operations in Richmond in the coming years,” according to a company statement.