Comstock Lands $350M Refinancing for Trio of Reston Office Towers
Comstock Holding Companies has secured $350 million in refinancing for three trophy office towers it has developed in Reston Station, a 60-acre mixed-use development that is home to the first Silver Line Metro station in the Dulles Corridor.
The refinancing package included a $312 million senior loan from a Blackstone subsidiary and an additional $43 million in preferred equity from a DivcoWest subsidiary, the company announced. The financingreplaces a Bank of America construction loan. Eastdil Secured helped facilitate the deal.
The three office buildings, completed in 2020, are located at 1900, 1902 and 1906 Reston Metro Plaza, next to the Wiehe-Reston East Metro station.
The properties are currently 84 percent leased with notable tenants including Megaphone, Neustar, Rolls-Royce North America, Google and Solar Winds. JLL’s Herb Mansinne and Robert VeShancey handle leasing for the buildings.
In addition to the trio of office towers, Reston Station also consists of a 448-unit apartment building, and JW Marriott will operate a planned 250-room hotel. Retail tenants include Starbucks, CVS and Founding Farmers.
“Closing this long-planned recapitalization in an attractive interest rate environment allows us to accelerate the recently commenced development of the next phase of Reston Station while we also focus on aggressively scaling up acquisitions of multifamily assets in our institutional venture platform,” Christopher Clemente, Comstock’s chairman and CEO, said in a prepared statement.
Last year, Clemente told Commercial Observer that Reston Station represents a “transformation of Reston’s original low-density, auto-dependent business area into a new pedestrian-friendly, urban landscape of trophy-class and Class A office towers, world-class hotels, mid-rise and high-rise residential offerings and a growing list of high-quality dining, shopping and entertainment venues.”
DivcoWest has previous dealings with Comstock, having been a joint venture partner on the Hartford Building, a 211,000-square-foot Class A office building in the Rosslyn-Ballston Corridor of Arlington County.
Keith Loria can be reached at Kloria@commercialobserver.com.