Fannie Mae headquarters sold; residential development eyed

WASHINGTON — Fannie Mae’s iconic Wisconsin Avenue headquarters in D.C. has been sold to a joint venture between North America Sekisui House LLC (NASH) and Roadside Development for $89 million.

The partnership says it envisions some form of mixed-use redevelopment of the property that will include residential, retail and office space.

NASH is a subsidiary of Japan’s largest home-building company, Sekisui House Ltd. The District-based Roadside Development’s past projects include CityMarket at O in Shaw and CityLine at Tenley in Tenleytown.

“Our first step will be to spend time with the community to see how the property can be folded into the fabric,” Roadside’s Richard Lake said to WTOP. “There is McLean Gardens to the South, commercial development to the North, Sidewell Friends across the street and park behind us.”

While the developers say outside input will have significant influence on the development plans, Lake said the goal is for a mixed-use project with a residential component.

“Residential makes a lot of sense. It’s a residential neighborhood. It will be more like a CityMarket with a mix of retail, residential and office,” Lake said

The acquisition of the Fannie Mae headquarters at 3900 Wisconsin Ave. includes the 228,000-square-foot building itself and 10 acres of land. The headquarters was built in 1958.

Fannie Mae will move to its new headquarters at 1100 15th St. Northwest in about two years.

Roadside, which has an undisclosed financial stake in the joint partnership with NASH, says the two hope to begin the site’s redevelopment immediately after Fannie Mae relocates.

The headquarters was one of three property sales for Fannie Mae.

Sidwell Friends has signed an agreement to buy 3939 Wisconsin Ave. Northwest from Fannie Mae for $8.3 million. The 40,000-square-foot building abuts the Sidwell Friends campus. Fannie Mae will lease the building back from Sidwell Friends until it moves to its new headquarters downtown.

Separately, The Washington Post reports another Fannie Mae building, at 4250 Connecticut Ave. Northwest, is being acquired by Bernstein Management for $24.8 million.

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Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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