Comstock Welcomes CARFAX to Reston Station

Rhea-AI Summary

Comstock Holding Companies (Nasdaq: CHCI) has announced a significant lease agreement with CARFAX at Reston Station development. CARFAX will occupy approximately 87,000 square feet across 3 floors at 1906 Reston Metro Plaza, with the move expected to complete by the end of 2025.

Reston Station, one of the largest mixed-use developments in the mid-Atlantic region, spans 90 acres around the Wiehle-Reston East Station on Metro's Silver Line. The development currently hosts over 2,000 residents and serves as headquarters for major companies including Google, ICF International, and Spotify. The development is set to expand with over 500 new residential units, new dining and entertainment options, and Virginia's first JW Marriott Hotel & Residences.

Positive

• Secured major tenant CARFAX for 87,000 sq ft lease
• Development expansion with 500+ new residential units planned
• Addition of Virginia's first JW Marriott Hotel & Residences
• Strong tenant roster including Google, ICF International, Spotify

Negative

• None.

Insights

Real Estate Analyst

The lease agreement with CARFAX for 87,000 square feet represents a significant win for Comstock's Reston Station development. Premium office tenants like CARFAX, alongside existing anchors Google, ICF International and Spotify, strengthen the property's position as a premier mixed-use development. The timing aligns with Reston Station's expansion plans, including 500 new residential units and the first JW Marriott in Virginia, creating a powerful synergistic effect that should enhance overall property values and rental rates. The deal validates Comstock's strategy of developing transit-oriented properties in the D.C. metro area. For investors, this lease demonstrates CHCI's ability to attract high-quality tenants and suggests strong future cash flows from the property. The multi-year lease commitment provides stable income visibility and should positively impact the company's financial metrics.

In simpler terms: Think of this like adding another star player to an already strong team - it makes the whole team more valuable and attractive to fans (or in this case, investors and other potential tenants).

Commercial Property Market Specialist

The strategic significance of this lease extends beyond just filling space. CARFAX's decision to relocate its corporate headquarters to Reston Station reflects a broader market trend where tech companies are choosing mixed-use, transit-oriented developments that offer amenity-rich environments. The 90-acre development's direct access to Metro's Silver Line and its growing ecosystem of 2,000+ residents and diverse retail offerings creates a compelling value proposition for corporate tenants. This lease will likely trigger increased interest from other potential corporate tenants looking for similar amenities and accessibility.

For the average person: It's like when a popular coffee shop opens in a neighborhood - suddenly other businesses want to be there too because they know people will come. This deal could start a chain reaction of more companies wanting to move to Reston Station.

Automotive Information Hub to Join Reston’s Premier Mixed-Use, Transit-Oriented Development

RESTON, Va.--(BUSINESS WIRE)-- Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today the signing of a lease agreement with CARFAX (NYSE: SPGI), at 1906 Reston Metro Plaza, part of the Reston Station development. CARFAX will occupy approximately 87,000 square feet across 3 floors in the building, further solidifying Reston Station as a hub for prominent businesses and industry leaders.

CARFAX provides trusted information that helps millions of people shop, buy, service and sell cars with more confidence. Known for its comprehensive vehicle history database and groundbreaking leadership in automotive information services, CARFAX continues to lead the industry in delivering valuable insights and solutions to consumers and businesses alike. CARFAX expects to complete the move to this new space by the end of 2025.

“We are thrilled to announce the relocation of our corporate headquarters to Reston Station. This move marks a pivotal moment in our company's journey, providing us with a dynamic space that will serve as the foundation for our next phase of growth,” said Bill Eager, CEO of CARFAX. “This move underscores our commitment to provide a collaborative work environment so Team CARFAX can create innovative, new products that meet the needs of millions of consumers.”

Reston Station is among the largest mixed-use developments in the mid-Atlantic region, spanning 90 acres around the Wiehle-Reston East Station on Metro’s Silver Line. It features Trophy-Class office buildings that serve as national or regional headquarters for Google, ICF International, Spotify, and more. Reston Station is currently home to more than 2,000 residents and includes a diverse array of premier dining and retail options. The development is scheduled to expand rapidly this year, including the delivery of over 500 new residential units, exciting new dining and entertainment offerings, and Virginia’s first JW Marriott Hotel & Residences. For more information, please visit RestonStation.com.

“We’re excited to welcome CARFAX to Reston Station,” said Timothy Steffan, Chief Operating Officer of Comstock. “The addition of a dynamic technology company like CARFAX to our growing roster of industry leaders further cements Reston Station as a hub for innovation and business in the Washington, D.C. region. We’re proud to have met CARFAX’s needs for an in-office workforce and look forward to welcoming their team later this year. This partnership reinforces Reston Station’s reputation as the premier destination for corporate headquarters, offering a collaborative environment, top-tier amenities that include diverse dining, entertainment, retail, and housing options, all with direct Metro access in the heart of the neighborhood.”

About CARFAX

CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world’s largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX®. S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

About Comstock

Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio comprising approximately 10 million square feet at full build-out and 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 Comstock.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250106366537/en/

Comstock: publicrelations@comstock.com

CARFAX: PublicRelations@carfax.com or emnguyen@carfax.com

Source: Comstock Holding Companies, Inc.

FAQ

How many square feet will CARFAX occupy at Comstock's Reston Station (CHCI)?

CARFAX will occupy approximately 87,000 square feet across 3 floors at 1906 Reston Metro Plaza.

When will CARFAX complete its move to Comstock's Reston Station (CHCI)?

CARFAX expects to complete the move to its new space by the end of 2025.

How many residential units are planned for Comstock's Reston Station (CHCI) expansion in 2024?

The development is scheduled to add over 500 new residential units in its expansion.

What major companies are currently headquartered at Comstock's Reston Station (CHCI)?

Reston Station serves as headquarters for major companies including Google, ICF International, and Spotify, with CARFAX joining in 2025.

How large is Comstock's Reston Station (CHCI) development?

Reston Station spans 90 acres around the Wiehle-Reston East Station on Metro's Silver Line.