Business
Comstock Acquires The Hartford Building in Arlington, VA
The 211,450 Sq. Ft. Class-A Office Building Represents the Fourth Addition during 2019 to Company’s Portfolio of Transit-Oriented Managed Assets RESTON, Va.,
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"The 211,450 Sq. Ft. Class-A Office Building Represents the Fourth Addition during 2019 to Company’s Portfolio of Transit-Oriented Managed Assets\nRESTON, Va., Jan. 06, 2020 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc., (NASDAQ: CHCI) (“CHCI” or “Comstock”) announced that on December 30, 2019, it completed the acquisition of The Hartford Building on an all-cash basis in a joint venture between CHCI and Comstock Partners, LC, an affiliated, privately-held company. The 9-story, Class-A building is located at 3101 Wilson Blvd, adjacent to the Clarendon Station on Metro’s Orange Line in Arlington, Virginia. Built in 2003, the 211,450 square foot office building with street-level retail is currently 90%+ leased to multiple high-quality tenants.\n The Hartford Building is the fourth office building acquired by Comstock and its affiliated companies in 2019, increasing total capital deployed for the acquisition of existing, transit-oriented assets to approximately $250 Million for the year just ended. “This acquisition furthers our strategy of positioning Comstock as a premier asset manager and service provider for capital partners including HNW family offices and institutional investors,” said Chris Clemente, Comstock’s Chairman and Chief Executive Officer. “It also compliments Comstock’s anchor portfolio of managed assets that includes significant transit-oriented developments in the Washington, DC region while leveraging the capabilities of the talented team of professionals at Comstock in a manner designed to benefit all stakeholders.” Since announcing in 2018 that it would wind-down its subsidiary for-sale homebuilding operation and refocus its business exclusively on commercial real estate development, asset management and real estate related services, Comstock has increased real estate assets under management and development to more than 3.5M square feet currently and approximately 7 million square feet at full build out of mixed-use and transit-oriented properties located in Northern Virginia, where global tech and consulting firms have been securing significant amounts of office space. During 2019, Comstock also announced the completion of more than 500,000 square feet of new office leases in Reston Station, one of two large transit-oriented developments included in Comstock’s anchor portfolio. “This latest office acquis...