Comstock Acquires Another Commercial Asset in Reston, VA

About this update from Comstock Holding Companies, Inc.

[{"type":"text","content":"Acquisition Represents Comstock’s Fifth Addition to Company’s Portfolio of Transit-Oriented Assets in the Past Year\n RESTON, Va., April 07, 2020 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc., (NASDAQ: CHCI) (“CHCI” or “Comstock”) announced the acquisition of 11480 Commerce Park Drive, further expanding the Reston Station transit-oriented and mixed-use neighborhood to more than 40 acres surrounding the Wiehle-Reston East Metro Station. CHCI completed the acquisition in an all-cash transaction on March 9, 2020 on behalf of a venture between CHCI and Comstock Partners, LC, a private company owned and controlled by Christopher Clemente, the CEO of CHCI. The 6-story, Class-A office building is situated on approximately 3.75 acres within the Commerce District of the Reston Station neighborhood adjacent to the Wiehle-Reston East Metro Station at the intersection of Wiehle Avenue and Sunrise Valley Drive. CHCI will generate market rate fee-based revenue in connection with the acquisition and management of the property pursuant to its existing master asset management agreement, which also provides for additional incentive-based compensation. The 126,000 square foot office building is currently 82% leased to multiple high-quality tenants, including Young America’s Foundation, Dev Technology, American Academy of Audiology, and others. This acquisition represents the fifth office building acquired by Comstock and its affiliated companies in all-cash, off-market transactions during the past 13 months and the fourth such building acquired in Reston, increasing total capital deployed for acquisitions of stabilized, transit-oriented assets to nearly $300 million in the same period. Comstock’s latest acquisition increases the portfolio of Class-A and Trophy-Class office properties in its Anchor Portfolio of assets under management in Reston to include six stabilized Class-A and Trophy Class office properties totaling approximately 1 million square feet, enabling Comstock to achieve additional operational and leasing synergies with its existing Reston Station office portfolio. Comstock is currently managing two additional Trophy-Class office towers under construction on Reston Metro Plaza; 1906 Reston Metro Plaza, a 203,000 square foot building scheduled to deliver later this year, which is approximately 55% pre-leased to Neustar; and 190...

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