Fannie Mae is abandoning its iconic, colossal headquarters on Wisconsin Avenue NW and moving to a consolidated office downtown. The driving force behind the move, according to company sources, is the building’s crumbling office infrastructure. Noted architect Leon Chatelain Jr. designed the Colonial Revival building to house the Equitable Life Insurance Company’s headquarters.
Construction of the 228,000 square foot space was completed in 1956. Looking forward, the property will likely draw the interest of local commercial real estate firms, in addition to educational institutions and embassies. From a commercial real estate perspective, the property would be best utilized as a mixed-use condo development, with its glut of space and its close proximity to public transportation.
This would require the current building to be razed in lieu of new, modern architecture, which could draw complaints about construction, traffic, parking, and green space, among other concerns, from the community and neighboring Sidwell Friends School, American University and area embassies, who would likely want to maintain the building as is for aesthetic purposes.
An acquisition of the property would be a logical choice for nearby American University, which has been leasing office space in a wide range of District locations over the past few years.
Assessed at $81,000,000