CHCI Comstock Holding Companies

Comstock Signs Google as Anchor Tenant for Trophy Office at Reston Station

Comstock Signs Google as Anchor Tenant for Trophy Office at Reston Station

Google to relocate from Reston Town Center

RESTON, Va., April 08, 2019 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc., (NASDAQ: CHCI) (“CHCI” or the “Company”), announced that Google has signed a lease in Comstock Development Services, L.C.'s signature office building at Reston Station. The global technology company has had a longstanding presence in Reston and will start moving its current employee base into Reston Station later this summer.

Google will occupy the top floors of the trophy building designed by world-renowned architect Helmut Jahn. The sixteen-story building with a concrete exoskeleton over a glass curtain wall is now an icon in the Dulles Corridor, towering above the Dulles Toll Road and Metro’s Silver Line Wiehle-Reston East station.

“Google first opened a small office in Reston back in 2005 and we’ve since grown to close to 200 employees, working on major projects across engineering, sales and more,” said Liz Schwab, Head of External Affairs for Google in Virginia. “We’re confident that Reston Station will be a great new home for us and will provide room for future growth. We’re proud to call Reston home.”

This new space will give the company room to continue growing their short and long-term local presence in the state. Google joins office tenant Spaces, and restaurants Founding Farmers, Matchbox, Starbucks and Sweet Leaf in the rapidly-expanding neighborhood.

“We are most thankful for the opportunity to be home to an industry leader like Google. We had the opportunity to discuss with Google our vision for the Reston Station neighborhood – what it is today and what the future holds – and are very happy that our ideas intersect,” said Tim Steffan, Comstock EVP.

Comstock recently announced the addition of CVS to its Reston Station tenant roster, which will be located on the Plaza level at the entrance to the Metro station in Comstock’s second office building that is currently under construction.

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About Comstock Holding Companies, Inc.

Comstock Holding Companies, Inc. (“Comstock” or “CHCI”) is a multi-faceted real estate development, asset management and real estate related services company that, since 1985, has designed, developed, constructed and managed several thousand residential units and millions of square feet of residential and mixed-use projects throughout the Washington, DC metropolitan market and in other key markets in the southeastern United States. In early 2018, Comstock transitioned its operating platform from being primarily focused on developing on-balance sheet, for-sale homebuilding projects to being focused on commercial real estate development, asset management and real estate related services. As a result, CHCI began operating through two real estate focused platforms, CDS Asset Management ("CAM") and Comstock Real Estate Services ("CRES"). CAM provides real estate development, asset management, and property management services, while CRES provides development supply chain services, including capital markets, real estate brokerage, environmental consulting and design services in the Washington, DC metropolitan area and in New Jersey and Pennsylvania. Anchoring the transition of CHCI is a long-term asset management agreement covering two of the largest transit-oriented, mixed-use developments in the Washington, DC area; Reston Station, a 4.5 million square foot transit-oriented, mixed-use development located in Reston, VA, and Loudoun Station, a 2.5 million square foot transit-oriented, mixed-use development in Ashburn, VA, as well as other additional development assets. Comstock's substantial experience in entitling, designing, developing, and managing a diverse range of properties including apartments, single-family homes, townhomes, mid-rise condominiums, high-rise condominiums and mixed-use (residential and commercial) properties, as well as large scale commercial parking garages and infrastructure projects, has positioned the Comstock organization as a premier developer and real estate related service provider in the mid-Atlantic Region. The Company is a publicly traded company, trading on NASDAQ under the symbol CHCI. For more information about CHCI or its businesses, please visit . To view our social media, please visit, and .

About Reston Station

Strategically located midway between Tysons Corner and Dulles International Airport, Reston Station is among the largest mixed-use, transit-oriented developments in the Washington, DC area. Covering nearly 40 acres spanning the Dulles Toll Road and surrounding the Wiehle Reston-East Station at the terminus of Phase I of Metro's Silver Line, Reston Station is already home to more than 1,000 residents, numerous businesses, multiple retail establishments, and several restaurants. With more approximately 2 million square feet of completed and stabilized office and residential buildings, more than 2 million square feet of additional development in various stages of entitlement, development and construction, and a 3,500-space underground parking garage and transit facility adjacent to the Wiehle Reston-East Metro Station, the Reston Station neighborhood is taking shape and quickly becoming Fairfax County's urban focal point in the Dulles Corridor. For more information about Reston Station, please visit; .

To view photo gallery, please visit, .

About Loudoun Station

Located at the terminus station on Metro's Silver Line, minutes from Dulles International Airport, Loudoun Station represents Loudoun County's first (and currently its only) Metro-connected development. Loudoun Station has approximately 700,000 square feet of mixed-use development completed and stabilized, including hundreds of rental apartments, approximately 150,000 square feet of retail, restaurants, and entertainment venues, 50,000 square feet of Class-A office, and a 1,500-space commuter parking garage. Approximately 2 million square feet of additional development is slated for Loudoun Station.  Located adjacent to Metro's Ashburn Station at the terminus of the Silver Line, the Loudoun Station neighborhood represents Loudoun County's beginning transformation into a transit connected community with direct connectivity to Dulles International Airport, Reston, Tysons Corner and downtown Washington, DC. As Loudoun County's only transit connected neighborhood, Loudoun Station has become the new downtown of Loudoun County in the Dulles Corridor. For more information about Loudoun Station, please visit;

To view photo gallery, please visit, .

Cautionary Statement Regarding Forward-Looking Statements

This release includes "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. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Some factors which may affect the accuracy of the forward-looking statements apply generally to the real estate industry, while other factors apply directly to us. Any number of important factors which could cause actual results to differ materially from those in the forward-looking statements include, without limitation: our ability to successfully transition our business platform, including the winding down of our homebuilding business and our performance under the asset management agreement; completion of Comstock's financial accounting and review procedures; general economic and market conditions, including interest rate levels; our ability to service our debt; inherent risks in investment in real estate; our ability to compete in the markets in which we operate; economic risks in the markets in which we operate, including actions related to government spending; delays in governmental approvals and/or land development activity at our projects; regulatory actions; fluctuations in operating results; our anticipated growth strategies; shortages and increased costs of labor or building materials; the availability and cost of land in desirable areas; adverse weather conditions or natural disasters; our ability to raise debt and equity capital and grow our operations on a profitable basis; and our continuing relationships with affiliates. Additional information concerning these and other important risk and uncertainties can be found under the heading "Risk Factors" in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, for the fiscal year ended December 31, 2017. Our actual results could differ materially from these projected or suggested by the forward-looking statements. Comstock claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements contained herein. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Company:

Comstock Holding Companies, Inc.

Christopher Guthrie, 703-230-1985

Chief Financial Officer: Christopher Conover

Source: Comstock Holding Companies, Inc.

A photo accompanying this announcement is available at

 

EN
08/04/2019

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