Housing Complex

Today on the Market: Fannie Mae’s Headquarters

fannie

Many property owners in D.C. are looking to cash out in an up market, but this set of properties soon to be up for sale stands apart. As first reported in the Wall Street Journal, Fannie Mae announced yesterday that it is planning to sell its deluxe headquarters on Wisconsin Avenue NW, as well as two other buildings it owns, in order to consolidate its five D.C. locations into a single leased space.

The headquarters building, across from Sidwell Friends School at 3900 Wisconsin Ave. NW, is one of the most palatial properties to hit the market in D.C. in recent years, a sprawling brick facility spread over 422,876 square feet of land and assessed by the city this year at $81 million. But the other two buildings Fannie Mae plans to sell are no dives either: Nearby 3939 Wisconsin Ave. NW is worth $20 million and 4250 Connecticut Ave. NW $71 million, according to city property records.

Fannie Mae, the government-sponsored mortgage backer, faces an uncertain future amid congressional efforts to disband it, along with its companion Freddie Mac. Fannie Mae spokesman Pete Bakel told the Washington Post's Jonathan O'Connell that possible congressional action wasn't a factor in the decision to sell the properties, which was instead driven by the need to operate more efficiently through consolidation.

Update: According to a press release from Mayor Vince Gray, Fannie Mae announced that it would remain in the District. “Fannie Mae has been an important corporate citizen of the District for more than 50 years, and I look forward to them remaining in our city for many years to come,” Gray said in a statement. “I thank the leadership of Fannie Mae for its commitment to stay in the District of Columbia as they consolidate their office space into one building.”

Image via Google Maps

  • Billy

    Its designed to look like the Christopher Wren building at William and Mary, right?

  • Tax Money

    I'm so excited for a rich non-profit/foundation to buy this and take that $1.5 million in property tax payments off the tax rolls.

  • Cedric Daniels

    Think AU knows about this?

  • Northwesterneer

    Why did I think 4250 CT Ave was UDC?

  • dcgent

    Georgetown has been looking for a place for its hospital/medical campus that is outgrowing current location

  • Bob

    @Tax Money,

    You do know that for years Fannie Mae has been exempt from most taxation in DC? Their lobbyists knew how to throw their weight around.

    @dcgent,

    The property foot print is much smaller than G'town's current hospital complex, so this would be unlikely.

  • HonestGuy

    I'm sure they'll have not problem finding another place to go...they've stolen enough homes and continue to do so from hoodwinked homeowners . Fannie Mae and their lawyers continue to FORGE mortgage notes to steal homes from everyday tax paying citizens. THEY FORGE THE NOTES and get away with it. IT is still going on.

  • http://westnorth.com PCC

    Ooh, this is going to be a delicious NIMBY battle. There's even open space behind the building which could be developed!

    At first, I was wondering who would have 400,000 contiguous sq. ft. downtown, but actually, yeah, there are "see-through" buildings in NoMa, Capitol Riverfront, and elsewhere that would cut them a good deal. I doubt that any build-to-suits would take a chance on a tenant that could implode at any time, though.

  • Sally

    @PCC,

    I think the open space to which you refer is called Glover Archibold park, part of NPS land. I agree, there would be quite a battle if this were developed.

  • http://westnorth.com PCC

    Um, no, Sally, I was referring to the ~1.5 acres of lawns between the building and the parking garage. Also, it's Archbold park, no "i."

    Another potential institutional user that was recently shopping for space: the World Bank.

  • Hal

    Almost every article refers to the Fannie HQ building as "iconic" which suggests that the building, or at least its front facade and lawn, is a good candidate for landmarking. That may impact some developer's dream of turning the property into another Van Ness, but still allow for a lot of similar uses and maybe some construction in the back.

  • Typical DC BS

    Uh huh. So the poor, witless homeowners agreed and signed documents they had NEVER reviewed. Gotcha.

  • DCist

    who is managing the sale?

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