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CoStar Selects Reston Metro Plaza for its First Annual Impact Award for Best Financing Deal
RESTON, 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 recapitalization package replaces construction loans provided by Bank of America covering 1900, 1902, and 1906 Reston Metro Plaza.
Comstock is a leading developer and manager of mixed-use and transit-oriented properties in the Washington, D.C. metropolitan area. As a vertically integrated and multi-faceted asset management and real estate services company, Comstock has designed, developed, constructed, acquired, and managed thousands of residential units and millions of square feet of commercial and mixed-use properties in since 1985, and has been selected by multiple jurisdictions as Master Developer of Public-Private Partnerships responsible for development of some of the largest transit-oriented developments in the Washington, DC region. Comstock provides a wide array of real estate-related services that include asset management, strategic capital markets advisory services, development and construction management, marketing and leasing services, office and retail property management, residential property management, and commercial garage management. Comstock is publicly traded on Nasdaq under the ticker symbol CHCI. For more information, please visit: ComstockCompanies.com.
Cautionary Statement Regarding Forward-Looking Statements
This release may include "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading "Risk Factors" in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
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