Management team's extensive experience leasing and managing regional malls throughout the United States will create enduring value for retail tenants and shoppers
Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock" or the "Company"), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, today announced that it will assume management of Dulles Town Center, a 1.4 million-square-foot regional shopping mall located in Dulles, Virginia, effective May 1, 2026.
Dulles Town Center is Loudoun County's largest and only fully enclosed regional mall and is located by two of the wealthiest counties in America. Comstock's extensive experience with planning, developing, and operating of multiple large-scale, mixed-use projects, including some of the largest in Northern Virginia, will bring Dulles Town Center an operating platform with a track record of strategic asset management and extraordinary customer service. The Company's proven ability to align operations, leasing strategy, and strategic capital planning will further enhance Dulles Town Center's market position and create enduring value for retail tenants and shoppers alike.
"As an established two-level, super-regional mall with a strong mix of retail and entertainment tenants, Dulles Town Center plays an important role in serving the surrounding community," said Srinivas Chavali, President & CEO of Virginia Investment Properties, LLC, which owns Dulles Town Center. "Recent additions like Bowling & Billiards, SkyZone, Cloudbound, Virginia Sports Academy, DTC Expo Center, Bourbon Blvd Steakhouse, and American Ninja & Parkour continue to enhance its role as a dynamic regional destination."
Comstock will be responsible for the day-to-day operation of the property, including property management, leasing, tenant relations, coordination of on-site activities and vendors, and marketing oversight. The Company will also provide strategic asset direction services to property ownership, which includes the evaluation of re-development options that could increase overall utilization of the land where Dulles Town Center is situated.
"With 200+ years of combined regional mall leasing and operating experience, the Comstock team will deliver the same disciplined, hands-on management approach that we utilize on all our managed assets, including a focus on operational excellence, tenant engagement, and long-term value creation," said Chris Facas, Comstock's Senior Managing Director of Asset Management.
As management transitions, Comstock will work closely with existing retail tenants and partners to ensure continuity of operations and a smooth handoff. Future initiatives will be evaluated with a focus on enhancing the tenant mix, maintaining the property to high standards, and reinforcing Dulles Town Center's position as a valued shopping, dining, and entertainment destination.
"The addition of regional mall leasing and management services to our growing list of service offerings strengthens Comstock's vertically integrated owner-operator platform by creating new opportunities to further diversify our fee-based revenue sources," said Tim Steffan, Comstock's Chief Operating Officer. "Our team's unparalleled placemaking resume and proven ability to successfully navigate complex mixed-use and retail environments will provide exceptional experiences for consumers while enhancing results for all stakeholders."
About Comstock
Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio comprising approximately 10 million square feet including stabilized and development assets strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in the fastest-growing segments of one of the nation's best real estate markets. Comstock's developments include some of the largest and most prominent mixed-use and transit-oriented projects in the Mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information, please visit Comstock.com.
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