Comstock Holding Companies, Inc. has acquired The Hartford Building, a 211,450 square foot Class A office building in Arlington, Virginia.
The 9-story, Class A building is located at 3101 Wilson Blvd, adjacent to the Clarendon Station on Metro’s Orange Line in Arlington, Virginia. Built in 2003, the 211,450 square foot office building with street-level retail is currently 90%+ leased to multiple high-quality tenants.
”The Hartford Building is the fourth office building acquired by Comstock and its affiliated companies in 2019, increasing total capital deployed for the acquisition of existing, transit-oriented assets to approximately $250 Million for the year just ended,” said in a statement.
“This acquisition furthers our strategy of positioning Comstock as a premier asset manager and service provider for capital partners including HNW family offices and institutional investors,” said Chris Clemente, Comstock’s Chairman and Chief Executive Officer. “It also compliments Comstock’s anchor portfolio of managed assets that includes significant transit-oriented developments in the Washington, DC region while leveraging the capabilities of the talented team of professionals at Comstock in a manner designed to benefit all stakeholders.”
“This latest office acquisition furthers Comstock’s growth strategy focused on expanding our portfolio of transit-oriented properties in high-yield neighborhoods,” said Tim Steffan, EVP, Asset Management, Development and Leasing for Comstock. “The Hartford Building’s tenants benefit from the combination of adjacent Metro access and a convenient hybrid of national brands and locally-owned and operated retail establishments and restaurants all within walking distance of the Hartford Building.”
Comstock intends to complete the currently ongoing renovation and enhancement program commenced by previous ownership, including lobby, common areas, and restrooms. Comstock Commercial Management and Comstock’s ParkX Management will manage the Hartford Building and its publicly accessible below grade parking garage.
Comstock will maintain a financial interest in the property as a result of its capital investment, while also generating market rate fee-based revenue in connection with acquisition and management of the property.