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August 6, 2024Fannie Mae is drastically reducing the size of its downtown Washington, D.C., headquarters while committing to stay at the corner of 15th and L streets northwest beyond 2040.
The government-backed mortgage giant has signed a long-term lease at Carr Properties’ Midtown Center for 340K SF, the landlord announced. Fannie announced the new lease Monday afternoon but didn’t elaborate on the details of the deal.
A source familiar with the deal told Bisnow the new lease, which is for roughly half of what Fannie Mae occupies today, begins in June 2029 and has a 16-year term.
“We are pleased to have come to a new lease agreement with Carr Properties to maintain our presence at Midtown Center in Washington, DC,” Fannie Mae’s statement says. “Our reduced office footprint will allow us to continue to best meet the needs of our employees and business operations while being fiscally responsible. We thank Carr Properties for their collaboration as we worked toward a new agreement.”
The new lease comes after Fannie Mae put its 720K SF footprint on the sublease market in January, Bisnow first reported. At the time, the company had notified Carr Properties that it planned to exercise its early termination clause, allowing it to vacate the building in May 2029.
The company has been the 869K SF property’s anchor tenant since 2018. It signed a 15-year lease in 2015 for the $650M project at the site of The Washington Post’s former headquarters. The lease was set to run out in 2033 if not for the early termination clause.
