CoStar, the commercial property data giant, has paid $20 million for a piece of land next to its headquarters in Richmond, Virginia. The purchase is apparently for a new office to accommodate the company’s previously announced expansion. 

At $5 million/acre, the purchase sets a new Richmond record. Richmond BizSense first reported the sale, citing public property records.

CoStar previously announced plans to triple its Richmond staff from 1,000 to 3,000 over the next five years. Earlier this year, it was planning to locate its new offices in a proposed multi-tenant development called Navy Hill, but that project was rejected by the local city council.

CoStar, owner of leading U.S.-based residential rental marketplace, Apartments.com, has had a prosperous year despite the pandemic. The company posted second-quarter revenues of $397 million, a 16% year-on-year gain, as well as a net profit of $60 million.

CoStar has also been on an acquisitions kick, including the recent purchase of commercial property auction site Ten-X in June for $190 million in cash.

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