Comstock Acquires Woodland Pointe, Secures Full-Campus Lease with Peraton

Comstock Holding Companies, Inc. (Nasdaq: CHCI) announced the acquisition of Woodland Pointe, a 6.77-acre office campus at 2200 Woodland Pointe Avenue in Herndon, Virginia, and the execution of a full-campus lease with Peraton.

Acquisition and lease details

Woodland Pointe is located just south of the Dulles Toll Road in Herndon, at the heart of the Dulles Technology Corridor. The campus includes a six-story, 185,000-square-foot, Class A office tower that is LEED Gold certified, along with a 165-person conference facility, a parking garage, and green spaces.

In connection with the acquisition, Comstock entered into multiple leases with Peraton covering both the existing office building—previously the North American headquarters of Volkswagen and currently a Peraton lease location—and a new build-to-suit office building of 100,000 square feet to be developed on the campus.

Upon completion, Peraton is expected to fully occupy both structures, bringing the campus to nearly 300,000 square feet to support its business operations. Meredith LaPier of CBRE represented Peraton in the transaction, while Tim Steffan, Chief Operating Officer of Comstock, represented the company.

Strategic rationale

Comstock said the acquisition reflects the company’s Institutional Venture Platform, an initiative designed to pair Comstock’s operational expertise with capital resources from institutional partners. As the operating partner for a group of affiliated and unaffiliated institutional co-investors, Comstock will provide property management, construction management, and development services through two wholly owned operating subsidiaries: CHCI Commercial Management and CHCI Asset Management.

Company remarks

Tim Steffan said Woodland Pointe is a “high-quality, strategically located asset” and that the partnership with Peraton reflects the company’s ability to deliver on the “flight-to-quality” trend in the market.

Comstock also highlighted that the campus is positioned to meet the needs of mission-critical work, with Peraton focused on advanced mission capability integration and enterprise IT solutions across space, intelligence, cyber, defense, homeland security, and health missions.

About Comstock

Founded in 1985, Comstock is an asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. The company reported a managed portfolio of approximately 10 million square feet at full build-out, including stabilized and development assets near key Metro stations. Comstock’s developments include mixed-use and transit-oriented projects in the mid-Atlantic region and large-scale public-private partnership developments.