Blackstone Leads $350M Financing For Comstock's Reston Office Buildings
The developer of three new office buildings in Reston has landed a major refinancing package after successfully leasing up the project.
Comstock Partners landed a $350M refinancing package for its Reston Station buildings, with a Blackstone subsidiary providing a $312M senior loan and a DivcoWest subsidiary providing $43M in preferred equity, the development firm announced Monday.
The refinancing package replaces construction loans provided by Bank of America on the three office buildings at 1900, 1902 and 1906 Reston Metro Plaza. Comstock Holding Cos.' capital markets team worked with Eastdil Secured on the deal.
The office buildings, part of the 60-acre Reston Station development next to the Wiehe-Reston East Metro station, reached 84% leased ahead of the refinancing deal. JLL's Herb Mansinne and Robert VeShancey lease the buildings on behalf of Comstock.
The first 360K SF building at 1900 Reston Metro Plaza was designed by Helmut Jahn, a renowned architect who died in May. It landed Google as the anchor tenant in 2019, and it signed coworking provider Spaces and Rolls-Royce North America.
The second 180K SF building landed Neustar as an anchor tenant, and the third 250K SF building was fully leased to global consulting firm ICF International. The project's office tenants also include Certipath and Spotify subsidiary Megaphone.
Reston Station also includes a 448-unit apartment building, and the developer reached an agreement in February to bring the JW Marriott brand to its planned 250-room hotel. The project's retail tenants include Starbucks, CVS, Founding Farmers, Matchbox, Bigs Buns Burgers and Salon Nordine.
“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 multi-family assets in our institutional venture platform," Comstock CEO Chris Clemente said in a statement.