CoStar Expands Richmond Footprint with $20M Purchase of Riverfront Office
CoStar Group, Inc., has acquired a five-story, 117,448-square-foot office building in the Richmond, VA neighborhood of Manchester for $20 million.
The property was vacant at sale and was formerly fully occupied by SunTrust (now Truist), which has relocated to an adjacent building.
The property on Semmes Avenue will be visually connected across the James River to CoStar Group’s existing research, sales and technology center and will be part of the data company’s planned 750,000-square-foot corporate campus.
“This purchase further signifies our long-term commitment to growing in Richmond – a city and region with deep pools of talent and a community that encourages innovation,” said Andrew Florance, founder and CEO of CoStar Group. “We are very excited about our continued expansion in Richmond, creating rewarding new jobs and deepening our community engagement and involvement.”
CoStar Group currently employs more than 1,200 in Richmond.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.