Business
CoStar Group Announces $18 Million Commitment to Virginia Commonwealth University for the Construction of the CoStar Center for Arts and Innovation, for the Creative and Digital Economy
RICHMOND, Va.--(BUSINESS WIRE)-- CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the
About this update from Costar Group, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nCoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, today announced a historic partnership with Virginia Commonwealth University (VCU) to support the development of its planned Arts and Innovation Academic Building through an $18 million commitment. The project, tentatively to be named the CoStar Center for Arts and Innovation, subject to legal requirements and any necessary approval by the VCU Board of Visitors, the Commonwealth’s Department of General Services, or other state agencies, will consolidate VCU’s nationally recognized School of the Arts, ranked fourth in the country, and innovation programs under one roof for the first time. CoStar Group’s investment adds to the Company’s long-standing history of investment in educational opportunities in the city of Richmond and the Commonwealth of Virginia.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230512005367/en/\n“VCU has proven to be a constant source of innovation and energy and CoStar Group has drawn heavily from its graduates and creative talent in recent years. As we continue to expand our business, our interests align seamlessly with VCU’s commitment to educational excellence,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group and a member of the VCU Board of Visitors since 2021. “I am confident that Dr. Rao’s leadership will continue to make a positive lasting impact and that he will be a thoughtful steward of the Center’s resources. This partnership will support VCU's world-class educational programs as well as contribute culturally to the city of Richmond and the Commonwealth of Virginia, which CoStar Group calls home.”\n\n\n“CoStar Group’s strategic partnership - the second-largest corporate commitment in VCU history - will provide a launch pad for generations of VCU innovators, artists, makers and performers,” said Michael Rao, Ph.D., President of Virginia Commonwealth University and VCU Health. “We’re excited about our plan to name the CoStar Center for Arts and Innovation, which will recognize the tremendous alliance that has grown between VCU and CoStar Group. This collaboration will enrich our students, CoStar Group’s workforce, ...