The Mortgage Bankers Association’s Washington, D.C., headquarters is reportedly up for sale, with the trade group planning to remain as a tenant in the 170,000-square-foot building through 2020.
Citing a letter to members by MBA Chief Executive Officer John Courson, the Washington Business Journal reported that broker Holliday Fenoglio Fowler LP will immediately begin marketing the 10-story property, located at 1331 L St. NW.
Courson said deteriorating residential and commercial real estate markets, coupled with a "challenging leasing environment," led the MBA’s board of directors to conclude that continued ownership of the building was "economically imprudent" and would impair the group’s ability to continue providing a full range of services to members.
The MBA purchased the building in May 2008. A month before the deal closed, the Washington Post reported that the MBA was losing membership and revenue and that the credit crunch had raised the financing costs of the purchase (see Inman Blog post).
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