Fannie Mae HQ on Wisconsin Ave to become a Shopping Center

3900 Wisconsin Ave, NW

Thanks to a reader for passing on this big development news from Nikkei Asian Review:

“The Japanese developer likely will pay 10 billion yen to 20 billion yen ($88 million to $176 million) for the building and roughly 40,000-sq.-meter property located 10 minutes or so from the White House by car. Sekisui House plans to remodel the 60-year-old brick structure into a shopping center while maintaining its stately facade, as well as build luxury condominiums on vacant land.”

Update Full press release:

“Roadside Development, a privately held commercial real estate firm and its joint venture partner NORTH AMERICA SEKISUI HOUSE, LLC (NASH), are pleased to announce the purchase of the iconic Fannie Mae Headquarters located at 3900 Wisconsin Avenue in Washington, DC. The acquisition includes a 228,000 square foot building and approximately 10 acres of land.

Roadside Development is known for its adaptive reuse of commercial properties and cultivating lasting relationships with communities including its most recent venture City Market at O, a 1M square foot development located in the Shaw neighborhood of Washington, DC. NORTH AMERICA SEKISUI HOUSE, LLC (NASH) is the U.S. business unit and full subsidiary of SEKISUI HOUSE, Ltd, Japan’s largest homebuilder and leading diversified developer. Together, these companies share a common vision for creating a new development that blends mindful planning with design excellence for a dynamic mix of innovation, sustainability and superior quality to create long-term value for the community.

“We are honored to partner with NASH in the acquisition of this iconic property. We look forward to working with the community as we consider redevelopment of the property following Fannie Mae’s departure,” said Richard Lake, Founding Principal of Roadside Development.

Fannie Mae Headquarters will relocate to 1100 15th Street, NW in Washington, DC. The company will remain at 3900 Wisconsin Avenue until its new headquarters are complete. During this time, Roadside Development will work with local officials and community leaders to further define the collective vision for the redevelopment including both design and usage.

Originally built in 1958, the Fannie Mae Headquarters is part of the architectural composition and fabric of the neighborhood. The property is ideally situated along Wisconsin Avenue surrounded by high-density neighborhoods and acres of public parks. As a locally based real estate developer, Roadside Development is committed to improving the communities of which they also live and work and will bring this same level of commitment to the redevelopment of 3900 Wisconsin Avenue.”