What was a blow to Downtown D.C.鈥檚 commercial real estate market is now a big win, with Fannie Mae announcing it will retain a headquarters presence at its Midtown Center location.
Fannie Mae notified Carr Properties, Midtown Center鈥檚 owner, in January that it would cut its lease short using an early-out clause. The company had intended to close its headquarters there in May 2029, five years early.
In a statement issued Monday afternoon, Fannie Mae reversed course, saying it will stay with a smaller lease.
鈥淲e are pleased to have come to a new lease agreement with Carr Properties to maintain our presence at Midtown Center in Washington D.C. Our reduced office footprint will allow us to continue to best meet the needs of our employees and business operations while being fiscally responsible,鈥� the statement said.
The new lease terms will be almost half its original lease, occupying 340,000 square feet. The length and terms of the modified lease were not disclosed.
Fannie Mae鈥檚 720,000-square-foot lease at 1100 15th St. NW was originally set to expire in 2033. It moved to the new headquarters in 2018, leaving its longtime home at 3900 Wisconsin Ave., since redeveloped as City Ridge, a Wegmans-anchored mixed use development.
Fannie Mae has already leased new space at Reston Town Center in a recently completed high-rise. It did not say how that space would factor into its decision to maintain a headquarters presence in downtown D.C.
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