Comstock Holding Companies posted a 74% jump in quarterly revenue and a 512% surge in net income, fueled almost entirely by leasing momentum and condo sales at its Reston Station campus beside the Wiehle-Reston East Metro station.

The Reston-based developer reported $22.6 million in second-quarter revenue and $8.8 million in net income in its Aug. 13 earnings release, marking 30 consecutive quarters of revenue growth. A $4.3 million unrealized gain on equity investments in Jericho Energy Ventures inflated the net income figure; stripping that out, adjusted EBITDA still rose 231% to $7.4 million.

Two blockbuster office leases anchored the quarter. Defense contractor Peraton committed to 284,000 square feet at the Woodland Pointe complex in Herndon, according to the earnings release. Comstock acquired the complex with an 85% ownership stake under a 20-year management agreement. It includes an existing 185,000-square-foot building fully leased to Peraton and a roughly 100,000-square-foot build-to-suit in the development pipeline.

QTS Data Centers signed for 77,000 square feet across the entire 11th, 12th and 13th floors of 1800 Reston Row Plaza, where the company will base its headquarters.

"Reston Station's premier location, accessibility and vibrant business community make it an ideal home for our headquarters," QTS co-CEO Tag Greason said in an Aug. 3 announcement. QTS is also maintaining offices on Broderick Drive in Ashburn.

Together, the two deals accounted for 361,000 of the 409,000 square feet Comstock leased across nine commercial transactions in the quarter. The company's stabilized commercial portfolio stood at 92% leased at the end of June, a stark contrast to the broader Northern Virginia office vacancy rate of 24%, according to a Cushman & Wakefield Q1 2026 report. The Reston submarket vacancy sits at roughly 23.8%, according to a March 2026 market analysis.

On the residential side, Comstock delivered the final phase of BLVD Haley, a 419-unit luxury tower that completes The Row at Reston Station. The building reached 37% leased shortly after delivery, and the company signed 351 residential leases in Q2 alone.

New retail is coming with it. Back Nine Golf locked in a lease for a golf-themed entertainment venue in BLVD Haley's roughly 6,000-square-foot retail space. Ebbitt House, the first expansion of Washington, D.C.'s Old Ebbitt Grill, plans to open its 14,000-square-foot restaurant at Reston Station in October 2026.

The quarter's headline transaction was the $10.9 million sale of the top-floor penthouse at JW Marriott Residences Reston Station, the most expensive condo ever sold in Virginia. It was the building's second record in 2026, topping a $10.25 million sale in April. The collection of 90-plus condos has generated more than $115 million in sales since opening in September 2025, according to Comstock's penthouse announcement.

Chairman and CEO Christopher Clemente said in the earnings release that the results demonstrate "the potential of our asset-light, debt-free platform." The company ended June with $25.3 million in cash, no outstanding debt and a fully undrawn $10 million credit line.

Comstock's managed portfolio grew to 108 assets, up from 82 a year earlier, and the company picked up a management contract for Dulles Town Center, the 1.4-million-square-foot enclosed mall in Loudoun County.

Comstock said it expects to deliver the JW Marriott Reston Station Hotel conference center expansion in fall 2026.