The construction of the $460 million CoStar office complex at 600 Tredegar St. in Virginia is set to begin following a groundbreaking ceremony held at the project’s site.
CoStar hosted the ceremony was held at the front lawn of CoStar Groups existing 9-story, 311,000-square-foot research center at 501 S. Fifth St. Governor Glenn Youngkin and Mayor Levar Stoney were in attendance as well as other state and city officials.
At the event, CoStar’s CEO Andrew Florance said the CoStar office complex will enable the company to house its rapidly growing workforce.
Development plans for the CoStar office complex
The Washington-based commercial real estate data and analytics provider revealed plans for the CoStar office complex project last December.
The two-building complex that will increase the company’s current footprint in Richmond to over 1million-square-feet will rise on vacant land, adjacent to the existing nine-story building. One of the two buildings will be a 21-story, office tower, while the other will be a five-story multipurpose central hub. Both buildings combined will have square footage of 750,000 square feet.
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Upon completion, the CoStar office complex will feature several amenities. These include a conference space, a fitness, and wellness facility, and an auditorium. What’s more, workers will have access to 2.65 acres of outdoor green space and various retail and restaurant options.
CoStars current homeÂ
Presently, CoStar occupies a total of about 366,000 square feet in Richmond. This includes a 117,500-square-foot office situated near the James River at 901 Semmes Ave. According to Florance, this building will house some of the company’s new growth until the new complex at 600 Tredegar St. is complete.
The CoStar’s CEO revealed that the recruitment process has already begun in anticipation of the CoStar research complex expansion project. The company intends to recruit 2,000Â new workers in Richmond. As a result, according to Florance, CoStar could end up becoming one of the largest employers in the city.Â
The job roles available would be mostly in software development, analytics, engineering, and other positions. The average salary for these jobs would be more than $100,000.
