Comstock Announces Additional Acquisition in Reston

Rhea-AI Summary

Comstock Holding Companies (CHCI) has acquired 1891 Metro Center Drive in Reston, Virginia, expanding its Reston Station development by adding 2.67 acres. This strategic acquisition enhances Comstock's footprint near the Wiehle-Reston East Metro Station, complementing its existing 1.3 million square feet of developed space. The existing building will serve temporarily for current tenants, while plans for future development include a prominent mixed-use neighborhood and luxury amenities. This aligns with Comstock's goal to foster vibrant, sustainable communities, with ongoing expansions in the area.

Positive

• Acquisition of 2.67 acres at 1891 Metro Center Drive enhances Reston Station development.
• Strategic location adjacent to Wiehle-Reston East Metro Station.
• Current building to provide temporary space, supporting ongoing projects.
• Development plans include luxury amenities and community spaces, fostering local growth.

Negative

• None.

Redevelopment of 1891 Metro Center Drive will further expand Reston Station

RESTON, Va., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading developer, investor, and asset manager of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today the acquisition of 1891 Metro Center Drive in Reston, Virginia on behalf of Comstock Partners, LC (“CP”), an affiliated, privately-held company. This acquisition adds 2.67 acres with frontage on the Dulles Toll Road to Comstock’s expansive Reston Station development.

Comstock plans to incorporate the property into its development plans for the west end of the Reston Station neighborhood, temporarily utilizing the existing 58,260 square foot building as swing space for its existing tenancy. The property is adjacent to Reston Station’s Metro Plaza District, which provides immediate access to the Wiehle-Reston East Metro Station where Comstock has completed more than 1.3 million square feet of development, including three Trophy-Class office towers, the BLVD residential tower, and retail spaces for Starbucks, CVS, Founding Farmers, Matchbox, Big Buns, Sweet Leaf, and Davio’s Northern Italian Steakhouse. Comstock recently announced a separate acquisition by CP of eight acres on Wiehle Avenue between Sunset Hills Road and the Dulles Toll Road, expanding the Reston Station neighborhood eastward.

"This acquisition is consistent with our commitment to develop world-class transit-oriented and mixed-use neighborhoods that become proud additions to the surrounding communities,” said Chris Clemente, Comstock’s Chairman and Chief Executive Officer. “At Reston Station we are creating a vibrant, livable, and sustainable community that puts thousands of people within steps of unrivaled lifestyle amenities and Reston’s first, and currently only, Metro Station.”

About Reston Station

Covering nearly 80 acres, spanning the Dulles Toll Road, and surrounding the Wiehle Reston-East Metro Station on Metro's Silver Line, Reston Station is one of the largest mixed-use, transit-oriented developments in the mid-Atlantic region. Strategically located midway between Tysons Corner, Virginia and Dulles International Airport, Reston Station is home to the first Helmut Jahn designed building in Virginia. An iconic JW Marriott is now under construction that will feature 250 rooms, 100 JW branded luxury condominiums, and 15,000 square feet of state-of-the-art conference and event space. World-class service, unrivaled social and fitness amenity spaces, and exciting restaurants will set a new standard for luxury hotels in the Washington, D.C. region. The New Remarkable®, Reston Station, is home to corporate and regional headquarters of Google, ICF Global, Spotify, Qualtrics, Rolls-Royce of North America, Neustar and others. Dining options include Founding Farmers, Starbucks, Matchbox, Big Buns Burgers, SweatLeaf, and Davio’s Northern Italian Steakhouse, with more coming soon. Retailers such as CVS and Scissors & Scotch provide additional conveniences for residents, office workforces, and commuters alike, as will a 50,000 square foot VIDA Fitness flagship facility currently slated to open in 2024. With dedicated community spaces and inspiring public art, Reston Station brings people together to enjoy social events that include fitness classes, live music, outdoor movies, and sporting events broadcast on the region’s largest outdoor digital screen. Comstock’s commitment to creating exciting spaces and providing world-class services to create an elevated experience for all has earned Reston Station its reputation as the New Remarkable® place to live, work, and play.

For more information, please visit www.Comstock.com and www.RestonStation.com.

About Comstock

Founded in 1985, Comstock is a leading developer, investor, and asset manager of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio comprising approximately 10 million square feet of transit-oriented and mixed-use properties, including stabilized and development assets strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in the fastest growing segments of one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments.

For more information, please visit www.Comstock.com.

Comstock Media Contact
Shanna Wilson
swilson@comstock.com
917-674-3096

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d625b7f2-98ee-4312-b02a-7adfe5f132bf

FAQ

What is the significance of Comstock's acquisition of 1891 Metro Center Drive?

The acquisition adds 2.67 acres to Comstock's Reston Station development, allowing for further expansion and enhancement of transit-oriented mixed-use neighborhoods.

How will the property acquired by Comstock be utilized initially?

The existing 58,260 square foot building will be used as temporary space for current tenants while future development plans are finalized.

What developments are planned around Reston Station after this acquisition?

Comstock plans to create a vibrant community with luxury amenities, integrating residential, commercial, and recreational spaces to enhance the local lifestyle.

When was the acquisition of 1891 Metro Center Drive announced?

The acquisition was announced on September 6, 2022.

What impact does the acquisition have on Comstock's overall development strategy?

This acquisition aligns with Comstock's strategy to develop world-class, transit-oriented neighborhoods that promote community engagement and local economic growth.