CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics, and online marketplaces, announced that it has selected Richmond, Virginia, as the site of a new research operations headquarters and has secured 125,000 square feet of office space for the headquarters with assistance from real estate attorneys with Ballard Spahr.

Attorneys from Ballard Spahr's Washington, D.C., office worked with D.C.-based CoStar to negotiate a sublease for space on several floors at 501 S. 5th St. in Richmond. With this major new facility, CoStar expects to create approximately 730 jobs in Richmond and invest $250 million into the local economy. The sublease will likely result in the largest office deal in Richmond in 2016, officials said.

Ballard Spahr attorneys Desmond D. Connall, Jr., and Katherine M. Noonan handled the legal aspects of the transaction, a long-term sublease covering approximately eight years. The negotiations were completed in a compressed time frame over just a few days in order to meet the schedule for an announcement of the new facility on October 24 at which Virginia Gov. Terry McAuliffe joined Andrew C. Florance, CoStar Group Founder and Chief Executive Officer, and others.

The CoStar team in Richmond will collect, research, and analyze the in-depth market data necessary to help clients make the best decisions and drive connections between the millions of properties and the thousands of companies that need those properties to grow their businesses.

CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial and residential real estate information. In an average month, 25 million people visit the company's websites—including LoopNet.com, Apartments.com, ApartmentFinder.com, and ApartmentHomeLiving.com.