CoStar, a real estate data and analytics firm based in Washington D.C., says that it will triple its staff in Richmond, Va. over the next five years. The company has proposed building a 400,000 square foot tower in Navy Hill, a new development project in Richmond that would accommodate 2,000 new workers.
CoStar said its Richmond office, where it’s built up a staff of 1,000 employees in three years, was currently at capacity. If the tower gets the city council’s approval, it could be finished by 2023, according to the Richmond Bizsense news site.
CoStar has grown aggressively since 2014, when it branched out into real estate classifieds by buying Apartments.com, now the dominant rental site in the U.S. Since that acquisition, CoStar’s share price has risen fivefold while its annual revenues have tripled.