Sekisui House, one of Japan’s largest developers, plans on purchasing and redeveloping Fannie Mae’s headquarters at 3900 Wisconsin Avenue NW. UrbanTurf reported that the developer hopes to restore the 60-year-old, approximately 430,000-square-foot property and create a shopping center and luxury condos.
The developer is expected to partner with Washington, D.C.-based Roadside Development to pay for the $176 million site. Out of the total price, Sekisui House is expected to pay $88 million.
Fannie Mae will eventually move to 1150 15th Street NW, where The Washington Post was formerly located. Fannie Mae will lease 85 percent of the planned 1.25 million-square-foot development.
For a preview of what Fannie Mae’s next headquarters will look out, check out the renderings in this Curbed DC article.