Fannie Mae’s headquarters, centered at 3900 Wisconsin Ave. NW, is up for sale. (TOM ALLEN – TWP)
In December, work is scheduled to begin on Fannie Mae’s new downtown headquarters, which means it’s time to sell the old place.
Fannie is putting three of its headquarters buildings on the market this week, with experts expecting that the three, including the central building at 3900 Wisconsin Ave. NW, could be acquired by schools or turned into a high-end housing complex.
Employees of the mortgage finance giant will remain in their current digs until late 2017, when they begin moving to a new headquarters to be built in place of The Washington’s Post’s headquarters. The rest of Fannie’s employees are due to arrive in mid-2018.
The move was prompted in part by expiring leases in rented space Fannie occupies elsewhere.
Commercial real estate experts said that although Fannie’s departure from Wisconsin Avenue had been anticipated for years, it is difficult to guess how much the properties would sell for because of the wide array of possible uses for them. Collectively the D.C. government assessed the three properties for sale, 3900 Wisconsin along with 4250 Connecticut Ave. and 3939 Wisconsin Ave. NW, at $201. 4 million this year.
The central building, a stately brick complex that has housed Fannie Mae operations since 1958, isn’t likely to be used as an office by whomever buys it, said Paul Hanafin, corporate managing director at the real estate firm Savills Studley.Fannie Mae puts headquarters up for sale, could fetch more than $200 million
Related StoriesEB-5 Investment and the Impact on Commercial Real Estate
National Office Sector Report (Q3 2015)