CoStar, the marketplace operator and commercial-property data vendor, has paid $20 million for a five-story office building to expand its world headquarters in Richmond, Virginia.

The building, vacated several years ago by the SunTrust Mortgage (now Truist), will accommodate about 400 of CoStar’s 1,200 workers there, RichmondBizSense reported

The property sits across the James River from CoStar’s existing offices and a four-acre site where it plans to build a $460 million corporate campus, including a 26-story office tower and a smaller facility dedicated to employee amenities. That campus, scheduled to open in 2024, would provide space for an additional 2,000 to 3,000 workers in Richmond, company founder and CEO Andrew Florance told the Richmond Times-Dispatch.

CoStar operates the U.S. no. 1 residential rentals site, Apartments.com, and other marketplaces, including the U.S. no. 1 marketplace for commercial property sales, lease and auction, Loopnet. 

CoStar recently embarked on a project to challenge Zillow and Realtor.com in residential listings and agent software. The company reports it will engage 1,000 workers to build content for the products.

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