Comstock Lands $299M Refi for NoVa Office Towers
A Big Four bank led the financing for the three fully leased buildings.
Comstock Holding Cos. Inc. has completed a $299.1 million refinancing of the first three trophy office towers delivered at Reston Station: 1900, 1902 and 1906 Reston Metro Plaza in Reston, Va. The transaction was done on behalf of Comstock Partners LC, an affiliated privately held company, and earned Comstock about $2.6 million in debt origination fees.
Comstock partnered with Eastdil Secured Savills on the engagement. Bank of America was the lead manager and sole bookrunner.
The financing has an initial two-year term, with three one-year extension options. A portion of the proceeds was used to fully repay a $292.9 million loan provided by Blackstone Real Estate Debt Strategies.
The three office towers are fully leased and are corporate or regional headquarters for multiple companies, including Google, ICF, Carfax, FM and Amentum. They were completed between 2017 and 2022, according to Yardi Matrix. In total, the buildings span approximately 760,000 square feet.
Reston Station is among the largest mixed-use, transit-oriented developments in the Mid-Atlantic, covering about 90 acres spanning the Dulles Toll Road and surrounding the Wiehle–Reston East Station on Metro’s Silver Line.
READ ALSO: DC Office Sector Shows Highs and Lows
Its first two phases feature five trophy office buildings, two luxury high-rise apartment towers and Virginia’s only JW Marriott, a 28-story tower that includes the JW Marriott Reston Station hotel and the JW Marriott Residences.
A growing collection of dining, retail and wellness options includes a 55,000-square-foot VIDA Fitness and Spa, Founding Farmers, Davio’s Northern Italian Steakhouse, The Simon Restaurant and Schar Bar, Starbucks, CVS and more.
Comstock stated that it will now focus on permitting and development of the next phase of Reston Station, to include additional trophy office and residential towers.
Leasing activity at Reston Station
In August, data center infrastructure firm QTS Data Centers signed a lease for 77,000 square feet at 1800 Reston Row Plaza in Reston Station. The tenant will establish its headquarters on the building’s 11th, 12th and 13th floors.
That lease appears to have been the second-largest in Northern Virginia and the largest in the Reston/Herndon submarket during the third quarter, according to a report from Savills. The submarket nonetheless has an overall availability of 21.9 percent, in comparison to 20.0 percent in NoVa as a whole.
You must be logged in to post a comment.