Comstock Holding Companies Profile
Comstock Holding Companies, Inc. is a leading real estate asset manager and developer of mixed-use and transit-oriented properties in the Washington, D.C. region.
The company provides a broad suite of asset management, property management, development and construction management, and other real estate services to its asset-owning clients, composed primarily of institutional real estate investors, high net worth family offices, and governmental bodies with surplus real estate holdings. The company’s primary focus is the continued growth of its managed portfolio.
Services
The company’s experienced team of commercial real estate professionals provides a full range of real estate services related to the acquisition, development, and operation of real estate assets. The services the company provides cover all aspects of real estate asset management, including acquisition and disposition management, leasing, design, placemaking, property management, origination and negotiation of debt and equity facilities, risk management, construction and development management, creation of investment opportunities, execution of core-plus, value-add, and opportunistic strategies, and various other property-specific services.
The company’s asset management services platform is anchored by the 2022 AMA, a long-term full-service asset management agreement with a Comstock affiliate that extends through 2035 and covers most of the properties it manages, including two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area: Reston Station and Loudoun Station.
As a vertically integrated real estate services company, the company self-performs all property management activity through three wholly owned operational subsidiaries: CHCI Commercial Management, LC (CHCI Commercial); CHCI Residential Management, LC (CHCI Residential); and ParkX Management, LC (ParkX). All 41 properties included in the company’s managed portfolio have entered into property management agreements with its operational subsidiaries that provide for market-rate fees related to its services, including 10 commercial parking garages owned by unaffiliated parties and managed by ParkX.
In addition, in its development pipeline the company has 16 commercial assets that represent approximately 2.3 million square feet, approximately 3,100 residential units that represent approximately 3.2 million square feet, and 2 hotel assets that will include approximately 380 keys. At full build out, the company’s managed portfolio of assets will total 57 properties representing nearly 10 million square feet.
Anchor Portfolio
Reston Station
Reston Station is one of the largest mixed-use, transit-oriented developments in the mid-Atlantic region. Located at the Wiehle-Reston East station on Metro’s Silver Line, the Reston Station neighborhood spans the Dulles Toll Road and covers approximately 80 acres. The Reston Station neighborhood is being developed in phases and is composed of the following five districts:
Metro Plaza District
The Metro Plaza District is located adjacent to Wiehle Reston-East Metro Station and contains approximately 1.4 million square feet of mixed-use development, highlighted by three Trophy-Class office buildings and BLVD Reston, a luxury residential tower with 448 units. It is home to corporate and regional headquarters of Google, ICF Global, Spotify, Qualtrics, Rolls-Royce of North America, Neustar, and others. All buildings in the Metro Plaza District have ground floor retail, which has been leased to high-quality tenants, including Starbucks, CVS, Founding Farmers, Matchbox, Scissors & Scotch, and others.
The Metro Plaza District also includes one of the largest underground commuter parking garages and bus transit facilities in the region. The 1.7 million square foot subterranean garage and transit facility is the subject of a public-private partnership between a Comstock affiliate and Fairfax County, Virginia. The Reston Station transit facility provides Metro commuters with an indoor bus transit depot designed to accommodate upwards of 110 buses per hour, 2,300 commuter parking spaces operated by Fairfax County, and approximately 2,750 additional parking spaces for retail, office, and commuter uses, a Tesla Super Charging Station and numerous other electric vehicle charging stations, secure bicycle parking and storage facilities, substantial storm water management vaults, and state-of-the-art water treatment systems.
Reston Row District
The Reston Row District is being developed on approximately 9 acres adjacent to the Metro Plaza District. This newest phase of the Reston Station development has entitlements in place allowing for approximately 1.5 million square feet of mixed-use development, including two Trophy-Class office buildings, more than 500 multifamily units, over 100,000 square feet of retail, and hotel uses. Marriott International has entered into a franchise agreement with a Comstock affiliate concerning the development and operation of Virginia's first JW Marriott Hotel and Condominium residential tower, containing approximately 250 hotel rooms, 100 JW Marriott-branded condominium residences, and 25,000 square feet of meeting space.
Commerce District
The Commerce District is located on approximately 16 acres adjacent to Wiehle Reston-East Metro Station, directly across the Dulles Toll Road from the Metro Plaza District. It has entitlements in place that allow for approximately 1.5 million square feet of new mixed-use development surrounding the four existing stabilized Class-A office buildings that represent a total of approximately 590,000 square feet. The company is leasing and managing the four existing office buildings and one existing retail building while finalizing plans for the permitted new development.
Midline District
The Midline District, located directly across Wiehle Avenue from the Reston Row District and the Metro Plaza District, has entitlements in place that allow for approximately 1.2 million square feet of new mixed-use development on approximately 8 acres. The company is updating the entitlements secured by the previous owner and plans to commence development and leasing operations after receiving the necessary permits for the new development.
West District
The West District consists of approximately 11 acres of land located adjacent to the Reston Row District and Metro Plaza District and includes a previously developed 90,000 square foot office building owned by one of the company’s affiliates and an apartment building owned by a third party. In 2022, the company’s affiliate acquired an existing 58,000 square foot office building on an adjacent parcel that is planned for demolition and will be incorporated into the West District's development plans, which are planned to commence after entitlements are secured. It is anticipated that entitlements will allow for five mixed-use buildings in the West District, including the aforementioned existing apartment building.
Loudoun Station
Loudoun Station, located in Ashburn, Virginia adjacent to Ashburn Station at the terminus of Metro’s Silver Line, is Loudoun County’s first and only Metro-connected development. With direct rail connectivity to Dulles International Airport, Reston, Tysons, and Washington, D.C., it represents the beginning of Loudoun County’s transformation into a transit-connected community. Loudoun Station has more than 1.0 million square feet of mixed-use development completed and stabilized, including nearly 700 residential units, approximately 50,000 square feet of Class-A office space, and approximately 150,000 square feet of retail space, highlighted by an 11-screen AMC Cinema, as well as multiple dining and entertainment venues. It is also home to a 1,500-space Metro commuter parking garage that is the subject of a public-private partnership between a Comstock affiliate and Loudoun County. At full build, the Loudoun Station development will cover nearly 50 acres.
Herndon Station
Herndon Station will include up to approximately 340,000 square feet of residential, retail and entertainment spaces, including a performing arts center, and an approximately 700-space commercial parking garage in the historic downtown portion of the Town of Herndon in western Fairfax County, Virginia. The project is the focus of a public-private partnership between a Comstock affiliate and the Town of Herndon and will include improvements to existing connections to the adjacent WO&D trail, a popular pedestrian and bicycle route that stretches from Washington, D.C. to Loudoun County, Virginia.
Other Portfolio Assets
The Hartford Building
In December 2019, the company entered into a joint venture with CP to acquire a stabilized Class-A office building immediately adjacent to Clarendon Station on Metro’s Orange Line in Arlington County, Virginia’s premier transit-oriented office market, the Rosslyn-Ballston Corridor.
BLVD Forty Four
In October 2021, the company entered into a joint venture with CP to acquire a stabilized 15-story, luxury high-rise apartment building in Rockville, Maryland that was built in 2015, which it rebranded as BLVD Forty Four. Located one block from the Rockville Station on Metro's Red Line and in the heart of the I-270 Technology and Life Science Corridor, the 263-unit mixed use property includes approximately 16,000 square feet of retail and a commercial parking garage. The company also provides asset, residential, retail and parking property management services for the property in exchange for market rate fees.
BLVD Ansel
In March 2022, the company entered into a joint venture with CP to acquire BLVD Ansel, a newly completed 18-story, luxury high-rise apartment building with 250 units located adjacent to the Rockville Metro Station and BLVD Forty Four in Rockville, Maryland. BLVD Ansel features approximately 20,000 square feet of retail space, 611 parking spaces, and expansive amenities, including multiple private workspaces designed to meet the needs of remote-working residents. In connection with the transaction, the company received an acquisition fee and are entitled to receive investment related income and promote distributions in connection with its 5% equity interest in the asset. The company also provides residential, retail and parking property management services for the property in exchange for market rate fees.
CES Divestiture
On March 31, 2022, the company completed the sale of Comstock Environmental Services, LLC (CES), a wholly owned subsidiary, to August Mack Environmental, Inc. (August Mack).
Business Strategy
Comstock has been active in the Washington, D.C. metropolitan area, having operated, developed, and acquired, and sold millions of square feet of real estate assets, including but not limited to, office buildings, residential developments, parking garages, and retail centers. The company has also participated in multiple public-private partnership developments that have included large-scale public infrastructure improvements.
In early 2018, the company transitioned its business strategy from the prior focus on the development and sale of residential homes to its current fee-based services model that concentrates on asset management of commercial and mixed-use real estate, primarily in the greater Washington, D.C. region. The company focuses on mixed-use and transit-oriented assets in high-growth, high-potential areas; leveraging its expertise to secure public-private partnership development opportunities; and actively growing its supplemental real estate services and exploring investment opportunities.
History
The company was founded in 1985. It was incorporated in 2004 as a Delaware corporation. The company was formerly known as Comstock Companies, Inc. and changed its name to Comstock Homebuilding Companies, Inc. in 2004. Further, the company changed its name to Comstock Holding Companies, Inc. in 2012.
