Comstock Commercial Management will manage the building and Comstock's ParkX Management will manage the property's below-grade, public parking garage. CHCI will maintain a financial interest in the property, as a result of its capital investment.

Comstock intends to capitalize on the area's economic benefits, with the new asset. Of Rosslyn-Ballston Corridor's five submarkets, the Clarendon neighborhood boasts the highest median household income, as well as the most educated workforce.

The transaction represents the company's fourth office building acquisition of 2019; increasing its anchor portfolio of transit-oriented assets to total $250 million in capital for the year.

With the acquisition, the firm aims to further its growth strategy of expanding its portfolio of transit-oriented properties within high-yield neighborhoods, to become a premier asset manager and service provider for capital partners.

Upon announcing intensions to solely focus on commercial real estate development, asset management and real estate related services in 2018, the firm has since increased its real estate assets under management and development to more than 3.5 million square feet, and 7 million square feet of mixed-use and transit-oriented properties in Northern Virginia. In 2019, Comstock additionally announced the completion of more than 500,000 square feet of new office leases in Reston Station.

As a real estate development, asset management and real estate services company, Comstock Holding Companies Inc. designs, develops, constructs, acquires and manages residential and mixed-use projects throughout the Washington DC metropolitan area.