RESTON, Va., Oct 18, 2019 (GLOBE NEWSWIRE via COMTEX) --
RESTON, Va., Oct. 18, 2019 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc.
("Comstock"), a diversified real estate development and asset management company, announced today that Rolls-Royce North America will move its headquarters to Reston Station in early 2020. The company will re-locate from Reston Town Center into the first of three Trophy-Class office towers at Reston Station, 1900 Reston Metro Plaza developed and managed by Comstock.
The 16-story glass tower, the first Virginia building designed by world-renowned architect, Helmut Jahn, features a concrete exoskeleton structural system that facilitates completely column free interior office spaces. The office tower also features market-leading outdoor amenity spaces including multiple rooftop event and social spaces with catering kitchens, a fitness facility, a multi-room conference facility and a two-story glass lobby on the Metro Plaza.
As one of the leading industrial technology companies in the world, Rolls-Royce is pursuing cleaner, safer and more competitive solutions for its power systems and engineering disciplines. Moving their headquarters to Reston Station adjacent to the Reston's first Silver Line Metro Station, (Wiehle Reston-East Metro Station) and the numerous dining and convenience retail establishments that Comstock is bringing to the Reston Station neighborhood will provide the Rolls-Royce workforce an amenity-rich office environment in a cutting edge new development.
"Rolls-Royce has made its impact on the world throughout history and they continue to be a global force in business and manufacturing," said Tim Steffan, EVP/Asset Management, Development and Leasing at Comstock. "Comstock understands the importance that the Rolls-Royce brand means to Reston Station and together our respective executive teams worked to make their new home here a reality."
Reston serves as headquarters for Rolls-Royce North America, providing leadership for all Rolls-Royce operations in the U.S. and Canada. Reston also serves as the worldwide headquarters for Rolls-Royce's Defense business and Corporate & Regional Aircraft business.
About Rolls-Royce North America
Rolls-Royce employs nearly 7,000 people in 34 states across the U.S., literally coast-to-coast, from California to Massachusetts. In addition, Rolls-Royce business supports more than 52,000 jobs across the U.S., adding nearly $9 billion to the nation's economy each year.
Rolls-Royce has invested nearly $1 billion in Research and Development in the U.S. since 2013.
About Rolls-Royce Group
Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet's vital power needs.
Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 70 navies, and more than 5,000 power and nuclear customers.
Annual underlying revenue was $19.35 billion in 2018, around half of which came from the provision of aftermarket services.
In 2018, Rolls-Royce invested $1.8 billion on research and development. We also support a global network of 29 University Technology Centers, which position Rolls-Royce engineers at the forefront of scientific research.
The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills.
About Reston Station
Strategically located midway between Tysons Corner and Dulles International Airport, Reston Station is one of the largest mixed-use, transit-oriented developments in the Washington, D.C. region. Covering nearly 40 acres along the Dulles Toll Road and surrounding the Wiehle Reston-East Metro Station at the Phase I terminus of Metro's Silver Line, Reston Station is home to the first Helmut Jahn designed building in Virginia and features additional trophy-class buildings by the world-class design team of HKS. With multiple residential buildings completed, under construction and planned, the Reston Station neighborhood will provide a wide variety of housing for thousands of residents while two major brand hotels will serve short-term and extended-stay visitors. Founding Farmers, Starbucks and other popular restaurants are open and coming soon while CVS and other service-oriented retailers will provide additional conveniences for residents, office workforce, and commuters alike. For more information about Reston Station, visit www.RestonStation.com .
About Comstock Holding Companies, Inc.
Comstock Holding Companies, Inc. /zigman2/quotes/201777164/composite CHCI +0.65% is a real estate development, asset management and real estate services company that has designed, developed, constructed and managed several thousand residential units and millions of square feet of residential and mixed-use projects throughout the Washington, D.C. metropolitan market since 1985. In 2018, Comstock announced its plan to wind-down its subsidiary for-sale homebuilding operation to focus exclusively on commercial real estate investment, development, asset management and real estate related services. Anchoring CHCI's transition is a long-term asset management agreement covering two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area; Reston Station, a nearly 5 million square foot transit-oriented and mixed-use development in Reston, Virginia, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, Virginia, and additional development assets. Comstock has significant experience with entitling, designing, developing, and managing a diverse range of properties including apartments, condominiums, mixed-use (residential and commercial) properties, large-scale commercial parking garages and infrastructure projects. Comstock also provides development supply chain services, including capital markets, real estate brokerage, environmental consulting, design and remediation services.
Comstock Holding Companies, Inc. is publicly traded on NASDAQ under the symbol CHCI. For more information, visit www.ComstockCompanies.com .
Cautionary Statement Regarding Forward-Looking Statements
This release may include "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading "Risk Factors" in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
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