CoStar Group buys former SunTrust building in Richmond

CoStar Group Inc. has expanded its Richmond footprint with the $20 million purchase of the former SunTrust office building on the James River.

The five-story, 117,448-square-foot building at 901 Semmes Ave. will be occupied by at least 400 employees, however the company has not determined which teams will occupy the space yet, a CoStar Group spokesperson said.

CoStar Group is building a $460 million Riverfront campus in Richmond that will create 2,000 jobs and construction is projected to start late in the second quarter. The former SunTrust building will be “visually connected across the James River” to CoStar Group’s existing research, sales and technology center and the new 750,000-square-foot campus, the company said.

“CoStar Group is experiencing significant growth and this building will support our talented and expanding team of professionals who provide value to our customers every day,” CoStar founder and CEO Andrew Florance said in a statement. “This purchase further signifies our long-term commitment to growing in Richmond — a city and region with deep pools of talent and a community that encourages innovation. We are very excited about our continued expansion in Richmond, creating rewarding new jobs and deepening our community engagement and involvement.”

CoStar currently has about 1,200 employees in Richmond.