Comstock Companies has long-term plans to redevelop Commerce Metro Center (1900 Centennial Park Drive) into a transit-oriented neighborhood called the Commerce District at Reston Station.
Now, through a lease-back transaction, the company has acquired United Bank’s branch building and a one-acre parcel located at the site. The lease-back allows Comstock to ensure United Bank remains on the site as the company finalizes plans to redevelop the office park.
United Bank’s property is located at the intersection of Centennial Park Drive and Sunrise Valley Drive near the entrance of Comstock’s Commerce District. The acquisition would allow Comstock to ensure that the front entrance of the transit-oriented development is pedestrian-friendly and accommodates transit, according to a news release.
“This strategic acquisition affords us the opportunity to focus on the project’s entry experience as we finalize our placemaking plans to remake this 1990’s vintage office park into an exciting place to live, work, and promote health and wellness,” said Timothy Steffan, EVP of Asset Management, Leasing & Development of Comstock.
Comstock plans to redevelop 22 acres to the south entrance of the Wiehe-Reston East Metro Station into the Commerce District. Preliminary plans include upgrades to existing office buildings, new. Office, hotel and residential buildings, and new retail.
In Feb. 2019, Comstock acquired JBG Smith’s Commerce Metro Center Portfolio in Feb. 2019 — a move that will increase the Reston Station area to 4.5 million square feet once fully built.
The company is currently finalizing plans for additional development “while exploring options for enhancing open spaces and connectivity to Metro for the surrounding community,” according to the release.
Comstock’s Metro District station, which is near the north entrance of the station, is well underway. Most of the office space in that district — which includes three office towers — has already been leased to big companies like Google, ICF Global, and Rolls Royce North America.
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