CoStar Opens $460M Expanded Office Campus in Downtown Richmond
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · AI-assisted
On the RET wire
- Disclosed office deal value tracked in July 2026: $22.3B across 73 reported transactions. All Office coverage →
- 20 stories mentioning CoStar on the wire in the past 90 days. CoStar coverage →
Computed from Real Estate Trail’s own tracked coverage
RICHMOND, VA. — CoStar Group has opened Foundry Park, its newly expanded, $460 million corporate office campus located along the James River in downtown Richmond. The expansion added 750,000 square feet of office and…
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