Comstock Refinances 3 Reston Station Office Towers In $299M Deal

RESTON, VA — Comstock Holding Companies has completed a $299.1 million refinancing of three fully leased office towers at Reston Station, replacing an existing loan as the developer prepares for the next phase of the mixed-use development near the Wiehle-Reston East Metro station.

The refinancing covers the office buildings at 1900, 1902 and 1906 Reston Metro Plaza, which house corporate and regional offices for companies including Google, ICF, CARFAX, FM and Amentum, according to an announcement Comstock released Friday.

Bank of America served as lead manager and sole bookrunner for the transaction, which provides financing for an initial two-year period with three one-year extension options. A portion of the proceeds was used to repay a $292.9 million loan from Blackstone Real Estate Debt Strategies.

Refinancing Sets Stage For Additional Development

Comstock completed the transaction on behalf of Comstock Partners LC, an affiliated, privately held company. The publicly traded company said it earned approximately $2.6 million in debt origination fees from the refinancing.

Eastdil Secured Savills, a financial advisory services firm, also participated in the transaction.

"Refinancing these three Trophy office towers during a tumultuous time in the financial markets is a strong statement about the quality of Reston Station and the tenants who have chosen to call it home," said Christopher Clemente, chairman and CEO of Comstock.

Clemente said the financing also demonstrated the company's ability to generate value for property owners and shareholders.

With the refinancing completed, Comstock plans to focus on permitting and developing the next phase of Reston Station, which will include additional office and residential towers.

The company did not provide a construction timetable or details about the number of buildings or residential units planned for the next phase.

Reston Station Continues To Expand

Reston Station encompasses approximately 90 acres spanning the Dulles Toll Road and surrounding the Wiehle-Reston East Metro station on the Silver Line.

The development's first two phases include five office buildings, two high-rise apartment towers and a 28-story JW Marriott tower containing the JW Marriott Reston Station hotel and JW Marriott Residences.

The mixed-use development also includes restaurants, retail businesses and fitness facilities.

Among its tenants are VIDA Fitness and Spa, which occupies approximately 55,000 square feet, Founding Farmers, Davio's Northern Italian Steakhouse, The Simon Restaurant and Schar Bar, Starbucks and CVS.

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Ebbitt House, an expansion of Washington, D.C.'s Old Ebbitt Grill restaurant brand, is also scheduled to open at Reston Station this fall, according to Comstock.

Comstock, which trades on the Nasdaq under the symbol CHCI, specializes in developing, acquiring, operating and managing mixed-use, transit-oriented properties and data center developments.

The company has also expanded its business into artificial intelligence and digital infrastructure development.

Additional information about the development is available at RestonStation.com.