Fannie Mae Redevelopment New Condos
Redevelopment of 3900 Wisconsin

FANNIE MAE REDEVELOPMENT

3900 Wisconsin Ave NW, Washington, DC 20016

The c. 1958 Fannie Mae Friendship Heights headquarters was purchased in late 2016 by developers for approximately $89m. It will be redeveloped as a mixed-use project including new condominiums, retail and office space. The 10-acre project includes historic 228k square foot colonial-style buildings (a center structure with two wings), once referred to as “Versailles West” by the Wall Street Journal, plus vacant land where the new condominiums will be constructed.

Developer: Roadside Development with North American Sekisui House (NASH of Japan, a full subsidiary of SEKISUI HOUSE, Ltd, Japan’s largest homebuilder and leading diversified developer)
Architect: Unknown
Contractor: Unknown

Fannie Mae Friendship Heights 3900 Wisconsin

3900 Wisconsin Overview

Plans for the new project have not yet been solidified, however Roadside Development and NASH have both developed similar projects in the past, Roadside with City Market at O and Cityline at Tenley, and NASH with Bellevue Station Block B in Denver, a partnership on Wardman Tower condos here in DC and Westlake Steps (partnership) in Seattle. Fannie Mae will continue to occupy 3900 Wisconsin until 1100 15th is completed. Technically, the property is not in Friendship Heights but in Tenleytown, which is also the location of Sidwell Friends School, located across Wisconsin from 3900. Sidwell recently purchased a portion of the Fannie Mae property to add to their own. Developers are expected to retain the colonial facade of the existing buildings. Plans for the condominiums have not yet been finalized.

Fannie Mae New Headquarters

1100 15th Street, NW is the site of the former Washington Post building. New York–based SHoP Architects is designing a 838,480 SF complex to house Fannie Mae’s new headquarters in addition to 42k SF of ground floor retail. Fannie Mae will occupy roughly 85% of the project’s office space. WDG Architecture is the local architect of record (renderings courtesy of SHoP Architects). WBJ reports that “Fannie Mae has agreed to pay about $38 million a year in rent for its planned home at Midtown Center, the 862,000-square-foot mixed-use project being built on the site of the Washington Post’s former headquarters at 15th and L streets NW, in what many are calling the biggest private sector lease in D.C.’s history.”  Market Watch reports “Fannie Mae has operated under federal government control, or a conservatorship, since September of 2008, and was given more than $116 billion in taxpayer bailout funding after mortgage – backed securities it sold and held during the real estate boom went bust. Excessive or unnecessary spending by Fannie Mae may be seen as monies that ought to have been swept to the U.S. Treasury as a dividend for the $116.1 billion investment by U.S. taxpayers,” the OIG said in its report.  Rep. Ed Royce, a Republican member of Congress from California, was more blunt. “It’s paradoxical that an organization overseeing a huge chunk of the mortgage market can’t get a simple construction project right,” he said.”
Fannie Mae will occupy the Friendship Heights property for approx. 18 months until the new location is complete. Look for renovation of the old site and the new condo build to complete around the end of 2020.

3900 Wisconsin Mapped

Fannie Mae Friendship Heights is located at 3900 Wisconsin Avenue NW Washington DC 20016. The 10 acre property is bounded by Upton Street to the north, Porter Street to the south, Massachusetts Avenue to the west and 37th Street NW to the east.

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