Market Overview

Comstock Leases More Than 500,000 Sq. Ft. of Office Space at Reston Station in 2019

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RESTON, Va., Dec. 23, 2019 (GLOBE NEWSWIRE) -- During 2019, Comstock Holding Companies, Inc., ("Comstock") (NASDAQ:CHCI) has announced the signing of more than 500,000 Sq. Ft. of new office leases in the Reston Station development, which covers nearly 40 acres surrounding the Wiehle-Reston East Station on Metro's Silver Line, and is  part of the anchor portfolio of managed assets being developed by Comstock in the Dulles Corridor.

In April 2019, the company announced Google (165,000 Sq. Ft.) as an anchor tenant at 1900 Reston Metro Plaza; followed by a flurry of leasing activity to include announcements from global information services company, Neustar, (100,000 sq. ft. at 1906 Reston Metro Plaza); and leading industrial technology company, Rolls-Royce North America (18,000 Sq. Ft. at 1900 Reston Metro Plaza). In October, Comstock announced that global consulting and digital services firm, ICF, has signed a lease covering more than 200,000 Sq Ft and will occupy the entire building currently being constructed at 1902 Reston Metro Plaza, while Certipath leased 7,500 Sq. Ft., at 1900 Reston Metro Plaza.  Most recently, Solar Winds signed a lease covering 16,349 Sq. Ft. at 1900 Reston Metro Plaza. The first new office lease completed at Reston Station, covering approximately 52,000 Sq. Ft. was completed in 2018 with Spaces by Regus, also in 1900 Reston Metro Plaza.

While much of the leasing activity has been focused on the three new Trophy-Class buildings Comstock is developing on Reston Metro Plaza, Comstock has also completed leases in its existing buildings in the Reston Station neighborhood, including leases with British Telecom,  Kimley Horn, and CACI.

Comstock has also attracted numerous retail and dining establishments to the Reston Station neighborhood, including Starbucks, Founding Farmers, SweetLeaf, Big Buns Burgers, matchbox, and child-care operator; Bright Horizons. With a growing mix of restaurants, fast casual dining establishments, and service-oriented retailers including; CVS, Wells Fargo, M&T Bank, and Nordine Salon, Comstock is creating an amenity-rich neighborhood that will serve the growing residential and office tenant base, thousands of daily commuters, and the entire Reston community.  The Wiehle Reston-East Station is situated at the center of the Reston Station neighborhood and is designed to accommodate upwards of 25,000 daily commuters once Phase II of Metro's Silver Line extends the region's newest Metro rail line from Reston Station to Dulles Airport and into Loudoun County in late 2020.

Since announcing in 2018 that it would wind-down its subsidiary homebuilding operation and refocus its business exclusively on commercial real estate development, asset management, and real estate related services, Comstock has increased real estate assets under management and development to more than 3.5M square feet of mixed-use and transit-oriented properties located in Northern Virginia where global tech and consulting firms have been securing significant amounts of office space to facilitate growth and thousands of residents have relocated to multiple new apartment buildings being developed within walking distance of the Silver Line stations. 

"Our ability to create the all-new transit-oriented and mixed-use neighborhood of Reston Station is the result of the efforts of many talented real estate professionals, including world-class design teams, expert development and construction teams, numerous real estate brokerage firms, the professional staff and leadership of our public-private partner, Fairfax County, and the committed group of real estate professionals at Comstock," said Christopher Clemente, CEO of Comstock. "We are pleased to be welcoming such a prestigious roster of office and retail tenants to the Reston Station neighborhood and will continue working to create a development that is inclusive and open to all and that becomes a proud addition to the Reston community."

About Reston Station

Strategically located midway between Tysons Corner and Dulles International Airport, Reston Station is one of the largest mixed-use, transit-oriented developments in the Washington, D.C. region. Covering nearly 40 acres along the Dulles Toll Road and surrounding the Wiehle-Reston East Metro Station at the Phase I terminus of Metro's Silver Line, Reston Station is home to the first Helmut Jahn designed building in Virginia and features additional trophy-class buildings by the world-class design team of HKS. With multiple residential buildings completed, under construction and planned, the Reston Station neighborhood will provide a wide variety of housing for thousands of residents while two major brand hotels will serve short-term and extended-stay visitors. Founding Farmers, Starbucks and other popular restaurants are open and/or coming soon while CVS and other service-oriented retailers will provide additional conveniences for residents, office workforce, and commuters alike. For more information about Reston Station, visit www.RestonStation.com.

About Comstock Holding Companies, Inc.

Comstock Holding Companies, Inc. (NASDAQ:CHCI) is a real estate development, asset management and real estate services company that has designed, developed, constructed and managed several thousand residential units and millions of square feet of residential and mixed-use projects throughout the Washington, D.C. metropolitan market since 1985. In 2018, Comstock announced its plan to wind-down its subsidiary for-sale homebuilding operation to focus exclusively on commercial real estate investment, development, asset management and real estate related services. Anchoring CHCI's transition is a long-term asset management agreement covering two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area; Reston Station, a nearly 5 million square foot transit-oriented and mixed-use development in Reston, Virginia, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, Virginia, and additional development assets. Comstock has significant experience with entitling, designing, developing, and managing a diverse range of properties including apartments, condominiums, mixed-use (residential and commercial) properties, large-scale commercial parking garages and infrastructure projects. Comstock also provides development supply chain services, including capital markets, real estate brokerage, environmental consulting, design and remediation services.

Comstock Holding Companies, Inc. is publicly traded on NASDAQ under the symbol CHCI. For more information, visit www.ComstockCompanies.com.

Cautionary Statement Regarding Forward-Looking Statements
This release may include "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. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading "Risk Factors" in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission.  Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Comstock Companies Media Contact
Shanna Wilson
shanna@eincomm.com
917-674-3096

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