Richmond’s value rises as real estate firm pledges 700 jobs

Photo courtesy: CoStar Group / Twitter
Photo courtesy: CoStar Group / Twitter

RICHMOND, Va. (AP/WAVY) — Virginia Governor Terry McAuliffe says a real estate research firm will bring more than 700 jobs to Richmond.

McAuliffe said Monday that CoStar Group will build a new research and software development center downtown. He said the company’s $8 million venture will bring a total economic impact of $250 million to the capital city of 220,000.

The company is headquartered in Washington, D.C., and focuses on commercial real estate. It’s known for brands such as Apartments.com and provides data and insights to professionals in the commercial real estate industry.

The governor’s administration said CoStar took advantage of Virginia’s highly ranked technology workforce, which accounts 172,000 jobs. The firm chose Richmond over other cities in the South and Midwest. State officials said the new jobs will be well paying.

“CoStar is excited to become an essential business partner to the City of Richmond and the Commonwealth of Virginia,” said Andrew Florance, CoStar Founder and Chief Executive Officer. “This is an opportunity that allows us to expand our research and software development capabilities in a city that provides a highly educated labor pool, a superior quality of life for our employees and a culture that aligns to our business model.”

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