IInvestment in both the real estate market and aerospace technology is coming to Virginia, according to news from the Virginia Economic Development Partnership. CoStar Group, an online real estate marketplace provider, will relocate its global headquarters from Washington, D.C., to Roslyn, Arlington County, Virginia. In other news, space electronics systems company Trident Systems is expanding its existing operations in Fairfax County.
According to VEDP, the relocation of CoStar Group's headquarters will involve an investment of $20 million, and is expected to relocate 500 people and create 150 new jobs. CoStar Group has purchased Central Place Tower in Roslyn and plans to occupy 150,000 square feet of commercial office space by the end of 2024.
Commerce Secretary Karen Merrick said KoStar Group's investment complements the company's research and development operations in Richmond.
“Virginia represents a diverse ecosystem of more than 800 corporate headquarters across a wide range of industries, and one of our biggest advantages is our 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 can continue to reinvest here.”
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CoStar Group was founded in 1987 and has more than 6,200 employees in 14 countries.
Trident Systems expands into Fairfax County, Virginia
Meanwhile, space electronics systems company Trident Systems will invest $3.7 million to increase production capacity at its Fairfax County, Virginia, facility. The expansion will create approximately 50 jobs and enable expanded production of space electronic systems for the U.S. government, Department of Defense, and U.S. intelligence agencies.
Governor Glenn Youngkin said this expansion demonstrates the strength of the commonwealth's aerospace and technology ecosystem.
“This Fairfax County local company has been growing its business in the commonwealth for nearly 30 years,” Governor Youngkin said. “Continued innovation in the space electronics field has led to increased production to serve the defense and intelligence communities. It has become a center of expansion.”
Secondmerrick said location, infrastructure and workforce provide a strong foundation for startups, and Trident's success is “a great example of what can be accomplished in Virginia with the right assets.”
Check out all the latest news on economic development, business relocation, business expansion, and site selection in Virginia.
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