CoStar Group, Inc, a commercial real estate information and marketing company, announced on Monday that it has selected Richmond, Virginia for a new research operations headquarters.

According to the Charlotte Business Journal, CoStar had whittled down its list of prospective cities to Richmond and Charlotte, North Carolina.

Losing to Richmond means a loss of 730 jobs and an estimated $8.2 million in initial investment to Charlotte.

“The primary reason they chose Richmond over Charlotte was HB2,” said David Dorsch, whose firm was working with CoStar in its real estate search.

House Bill 2 (HB2) is the controversial law signed in March by Republican Governor Pat McCrory that blocks cities and municipalities from enacting LGBT protections and prohibits transgender people from using the bathroom of their choice in government buildings and public schools.

“This would come on the heels of a growing list of companies that have not moved to Charlotte as a result of HB2,” Dorsch added.

McCrory has defended the law, saying it is needed to protect people's privacy.

Equality NC Executive Director Chris Sgro called the loss of jobs a “travesty” for North Carolina.

“HB2 puts LGBT people at risk for discrimination and violence and it's hurting all North Carolinians every day,” Sgro said. “Where are Pat McCrory's priorities? 200 days after he signed this bill, he still refuses to step up and fix the mess he made of our state. Shame on him for putting his politics above our economy.”