Business
Comstock Wins CoStar Impact Award for Reston Station
CoStar Selects Reston Metro Plaza for its First Annual Impact Award for Best Financing Deal RESTON, Va., April 01, 2022 (GLOBE NEWSWIRE) -- Comstock Holding
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"CoStar Selects Reston Metro Plaza for its First Annual Impact Award for Best Financing Deal\nRESTON, Va., April 01, 2022 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock”) announced today that Reston Metro Plaza was named as the recipient of CoStar’s Impact Award for Best Finance Transaction. The first annual CoStar Impact Awards recognize exemplary commercial real estate transactions completed in 2021 with significant influence in neighborhoods and submarkets across 11 major U.S. markets. Comstock’s three Trophy-Class office towers at 1900, 1902 and 1906 Reston Metro Plaza, anchor Reston Station’s 60-acre transit-oriented, mixed-use development that serves as home to the first Silver Line Metro station in the Dulles Corridor. In December 2021, the Company announced an 85,000 square foot lease Qualtrics, adding to the already impressive corporate tenant roster at Reston Station that includes Google, ICF, Neustar, a TransUnion Company, Rolls Royce North America, Solar Winds, Spotify/Megaphone, and Certipath. In September 2021, Comstock announced the $355 million refinancing completion of the first three towers developed at Reston Station. This transaction was composed of two fully leased office towers and one office tower that was nearly fully leased, including the only building in Virginia designed by world renowned architect Helmut Jahn. The transaction demonstrates continued interest in the public-private partnership model for commercial development in the Dulles Corridor among the world’s leading finance providers. “We are delighted to receive the CoStar Impact Award for Best Finance Transaction on behalf of Reston Metro Plaza,” said Christopher Clemente, Chief Executive Officer of Comstock. “Building long-term relationships with best-in-class capital providers such as Blackstone and DivcoWest is among our key strategic initiatives, and we believe the financial commitment of these market leaders affirm the pre-eminence of our office portfolio in the Dulles Corridor.” Comstock subsidiaries arranged the non-recourse construction take-out recapitalization package on behalf of Comstock Partners, LC, an affiliated, privately held company. The package included a $312 million senior loan provided by a Blackstone subsidiary and a $43 million preferred equity facility with a DivcoWest subsidiary. The reca...