Comstock Acquires Arlington Office Building in $129M Deal
Comstock has acquired The Hartford Building, a 211,450-square-foot office building with street-level retail in Arlington, Va., from Heitman Capital Management, according to the buyer.
Although the price of the deal was not disclosed by Comstock, public records reveal the Class A property sold for $128.75 million.
Located at 3101 Wilson Boulevard, the nine-story building was originally built in 2003 and sits adjacent to the Clarendon Station Metro on the Orange Line. It’s part of Clarendon’s transit-oriented office and retail corridor that boasts numerous retail businesses and restaurants.
“It’s a core-plus asset with a tremendous anchor tenant in a fantastic market, and it fits right in the center of our growth strategy of acquiring land or assets that are proximate to or on top of major Metro stops in the North Virginia corridor,” Tim Steffan, Comstock’s EVP, asset management, development and leasing, told Commercial Observer.
The property is currently 91 percent leased to a tenant roster that includes global architectural firm AECOM. Comstock will also be announcing a new tenant to push that number up in the near future.
According to Steffan, this deal confirms Comstock’s commitment to its recent strategy of commercial real estate development, asset management and real estate related services. Since 2018, the company has added nearly 7 million square feet of mixed-use and transit-oriented buildings in Northern Virginia.
“If you take a look at where our organization was 15 months ago [compared] to where it is today, we’ve done over 500,000 square feet of overall trophy leasing in the Reston corridor alone,” he said. “Our growth strategy is working out really well.”
At the time of the deal, the property was in the midst of a number of utility and infrastructure upgrades, and Comstock will continue enhancing the property, focusing on improvements to the lobby, common areas and elevators.
Cushman and Wakefield’s Bill Collins, Paul Collins, Drew Flood, Shaun Weinberg, Shaun Collins and Eric Berkman represented the seller in the sale. Comstock was represented in-house.
ParkX Management will manage the property going forward.