Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) is set to move its headquarters to 15th and L streets downtown, which is the current headquarters of The Washington Post. Officials of the government-backed mortgage company said the move will allow consolidation of the headquarters employees. FNMA currently has its headquarters employees scattered in a series of buildings.
When The Washington Post moves its headquarters from 15th and L streets some time in 2016, the existing building that the newspaper occupies will be demolished and in its place, a new build will be constructed. The new building will be the headquarters of Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA). Carr Properties will develop the new headquarters for Fannie Mae.
Opportunity for FNMA to consolidate
According to Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) spokesman, Maureen Davenport, the move to a new headquarters will be a great value for the mortgage company. They had originally set their eyes on a space at 555 12th Street, but switched gears to replaced The Washington Post at 15th and L streets.
At the new headquarters, FNMA will be able to shrink the space it occupies to 700,000 square-feet from nearly 1 million square-feet that they currently occupy at various buildings along the Wisconsin Avenue.
The other benefit in the move to 15th and L streets is that FNMA will enjoy better financial lease terms and gain flexibility to adapt to future changes in the workplace needs. The company did an extensive search and negotiations before settling on 1150 15 Street. The move to the new headquarters location is expected to happen in the next few years.
No firm relocation timetable
Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) doesn’t appear to have a firm timetable to make the move. However, The Washington Post is expected to vacate the building early next year after which Carr will bring down the current building and erect a new one. Carr too has not made public its plan for the new building.
As it prepares to move to a consolidated headquarters office, FNMA is expected to list its building on Wisconsin Avenue for sale.