CENTRAL VIRGINIA The big deal


Quick work CoStar project moved rapidly after city became a finalist


The WestRock building in Richmond checked all the boxes for CoStar’s research center.


earlier in finding a site for a local sales office, were searching for a building that would be a good match for the company’s culture and exacting standards. Berkey says CoStar wanted modern, Class A office space that required minimal improvements because it was on a tight schedule. They found a prop-


erty in Richmond that checked all the boxes, the WestRock building overlooking the James River.


The 310,000- O by Gary Robertson


perating in the dark is a skill that those working in economic develop- ment have to acquire


and perfect. Patience helps a lot, too. Both came into play when


Washington, D.C.-based CoStar Group Inc., a major provider of commercial real estate information with about 3,300 employees world- wide, came calling on the Richmond area as a possible site for a research center.


In keeping with standard prac-


tice for many economic prospects, CoStar kept its identity hidden in the early stages. Brian Berkey, senior vice


president at the Richmond office of Cushman & Wakefield|Thalhimer, a commercial brokerage firm, worked with Amy Broderick, an associate at the firm, in represent- ing CoStar locally. They informed


16 MARCH 2017


the Greater Richmond Partnership that a major company was looking at possibly establishing a presence in the area and hiring hundreds of employees. “When we got the contact,


we were told that it was between us, Atlanta, Charlotte and Kansas City. When we found out who the competitors were, we began our own research analysis of how we stacked up,” says Barry Matherly, CEO and president of the Greater Richmond Partnership, a regional economic development group.


It was June 2016 when


Matherly alerted the partnership’s member localities that a major prospect was looking at the area. CoStar quickly narrowed its choices between Richmond and Henrico County, Matherly says. Meanwhile, Berkey and Brod- erick, who had worked with CoStar


square-foot building


is the former headquarters of the packaging company MeadWestvaco, which merged with Georgia- based Rock-Tenn in 2015 to form WestRock. The deal had created vacant space in the nine-story structure, which was built in 2009. CoStar signaled it would occupy the top four floors of the building, hir- ing about 730 employees. “CoStar was looking for a


workplace environment to satisfy the millennial generation,” Berkey says. “The building’s walkability/ bikeability, proximity to amenities and attention to sustainability were all attractive features.” Ken Campbell, Kit


Tyler and Matt Hamilton of Colliers|Richmond represented WestRock in negotiations for the office space.


As the site selection moved


forward, incentives were put forward to secure the company, which is


Photo by Shandell Taylor


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