The Mortgage Bankers Association has renewed its headquarters lease at 1919 M St. NW in D.C., and negotiated a lower price for the renewal.
The MBA occupies the fifth floor of the eight-story building at 20th and M streets, near Dupont Circle. It renewed a lease through 2035 for roughly 35,000 square feet.
Avison Young negotiated terms for MBA, including reducing MBA’s annual rent costs by more than $4.2 million before its scheduled lease expiration in 2025.
The landlord will also fund substantial renovations for its offices, modernize building systems and add an expanded, tenant-only conference center.
1919 M Street was built in 1967. The 274,000-square-foot building was last renovated in 2000. Roughly 125 MBA employees work at the headquarters location.
The MBA sold a former headquarters building at 1331 L St. NW in 2010, just two years after moving into the newly completed building. The sale came as the commercial real estate market in D.C. crashed during the Great Recession.