Today on the Market: Fannie Mae’s Headquarters
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