Investments in both the real estate marketplace and aerospace technology will soon hit the Richmond, Virginia, area, according to the Virginia Economic Development Partnership.
CoStar Group, an online real-estate marketplace provider, plans to relocate its global headquarters to Arlington County from Washington, D.C.
The $20 million investment is expected to include 500 relocated jobs and 15 new jobs, according to VEDP. CoStar Group purchased Central Place Tower in Rosslyn, Virginia, and plans to occupy 150,000 square feet of commercial office space by late 2024.
Secretary of Commerce and Trade Caren Merrick said that CoStar Group’s investment complements its research and development operations in Richmond.
“Virginia represents a diversified ecosystem of more than 800 corporate headquarters in a broad cross-section of industries, and our overarching advantage cited is the ability to recruit top talent,” Merrick said. “We are building the workforce of the future in the Commonwealth so that industry leaders like CoStar Group continue to reinvest here.”
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CoStar Group was founded in 1987 and has more than 6,200 employees across 14 countries.
Meanwhile, Trident Systems, a space-electronics systems company, plans to invest $3.7 million to increase capacity at its Fairfax County facility. The expansion will create roughly 50 jobs and allow for expanded production of space-electronic systems for the U.S. government, Department of Defense, and U.S. intelligence community.
Gov. Glenn Youngkin said the expansion shows the strength of the commonwealth’s aerospace and tech ecosystem.
“This homegrown Fairfax County company has grown its business in the commonwealth for nearly 30 years,” Youngkin said, “and its continued innovation in space electronics is at the heart of this production expansion to serve the defense and intelligence communities.”
Merrick said the location, infrastructure, and workforce set a strong foundation for startups, and Trident’s success is a “prime example of what can be accomplished in Virginia with all the right assets.”
Business Facilities will hose LiveXchange March 17-19 at the Omni Richard Hotel in Richmond. For more information, or to register to attend, visit the LiveXchange website.
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Read More: Real Estate, Aerospace Industries Make Moves In Richmond, VA