Former Fannie Mae HQ Going Residential in D.C.

According to the Washington Business Journal, The International Baccalaureate, a nonprofit educational foundation, is moving into what used to be Fannie Mae's headquarters in Northwest Washington. The property is being staged for a $750 million redevelopment deal that will include a Wegman's market, 687 residential units, 155,000 square feet of retail and 167,000 square feet of office. The mixed-use project is being touted as an urban village.

The IB has signed a full-building lease with joint venture partners Roadside Development and North America Sekisui House at 3900 Wisconsin Ave. NW. It's part of the nonprofit's relocation from its current space at 7501 Wisconsin Ave. NW in Bethesda, where it has been for nearly a decade. A team from Avison Young, including Gene Martin, represented the IB in the lease while a team from Transwestern, including George Vogelei, worked with the landlord on the deal.

Roadside's Jeff Edelstein said that, while a full-building user wasn't a foregone conclusion, the mix of uses Roadside and NASH are lining up at City Ridge helped put the campus in play in a way that it might not have been in the past. "We're excited, we now truly have this dynamic place," Edelstein said. "And IB and the mission they stand for, and where they're located within the education hub of the District — we think they're a perfect fit for the overall reactivation and revitalization of the site."

The IB is slated move into its new space in the second or third quarter of 2022, around the same time that the new Wegmans is slated to open. The lease will leave Roadside and NASH with about 60,000 square feet of office to lease in a new, roughly 100,000-square-foot building being developed on the campus. The remainder of that building will be set aside as retail.