WATCH NOW: CoStar to Build 26-Story Office Tower in Downtown Richmond – the City’s Tallest Skyscraper – in $ 460 Million Project | Economic news

CoStar announces the new Richmond campus, a 26-story tower in James River.

Commercial real estate research and analysis firm CoStar Group Inc. plans to construct a 26-story office building along the James River in downtown Richmond, making it the tallest skyscraper in the city.

The Washington-based company announced Friday that it plans to invest more than $ 460 million to expand its corporate campus in Richmond on vacant land adjacent to the 9-story building it acquired this year and which is opposite the entrance to Brown’s Island.

The new campus represents approximately 750,000 square feet of new office and retail space. The project is expected to add 2,000 to 3,000 new jobs to the more than 1,000 employees CoStar currently has, said Andrew C. Florance, Founder and CEO of CoStar.

“As the business grew, I imagined there could be 3,000 new jobs potentially, but it’s potential,” said Florance.

In addition to the 26-story office tower, CoStar plans to construct a 6-story multi-purpose building that will be used as a central location for employee amenities, including conference, fitness and wellness rooms, an auditorium and mixed-use retail and catering spaces. .

Upon completion of the project, CoStar will occupy approximately 1 million square feet of office space in downtown Richmond.

Construction of the office tower and other buildings is expected to begin next year and be ready by 2024, Florance said.

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