{"id":1004160619,"date":"2016-12-02T09:27:42","date_gmt":"2016-12-02T17:27:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004160619"},"modified":"2022-12-08T18:26:22","modified_gmt":"2022-12-09T02:26:22","slug":"roadside-development-nash-snag-fannie-mae-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/roadside-development-nash-snag-fannie-mae-hq\/","title":{"rendered":"Roadside Development, NASH Snag Fannie Mae HQ"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004160620\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004160620\" data-attachment-id=\"1004160620\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/roadside-development-nash-snag-fannie-mae-hq\/richard-lake%2c-roadside-development%2c-courtesy-of-roadside-development\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg\" data-orig-size=\"3675,2450\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 7D&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1412591557&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;85&quot;,&quot;iso&quot;:&quot;500&quot;,&quot;shutter_speed&quot;:&quot;0.0005&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Richard Lake%2c Roadside Development%2c courtesy of Roadside Development\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Richard Lake, Roadside Development&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?w=1024\" class=\"size-medium wp-image-1004160620\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg\" alt=\"Richard Lake, Roadside Development\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg 3675w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=1536,1024 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=2048,1365 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=150,100 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=696,464 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=1068,712 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=1920,1280 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Richard-Lake-2c-Roadside-Development-2c-courtesy-of-Roadside-Development.jpg?resize=630,420 630w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004160620\" class=\"wp-caption-text\">Richard Lake, Roadside Development<\/p><\/div>\n<p>A second life is in the future for the 228,000-square-foot Fannie Mae headquarters in Washington, D.C., but a re-envisioned office property is not in the new owners\u2019 crystal ball. Roadside Development and North America Sekisui House LLC just acquired the three-story building from the mortgage finance company for $89 million, according to the <em>Washington<\/em> <em>Post<\/em>, and the joint venture partners have mixed-use on their mind.<\/p>\n<p>With the transaction closed, Roadside and NASH&#8211;the U.S. business operations\u00a0unit for Sekisui House Ltd., Japan&#8217;s largest homebuilder and leading diversified developer&#8211;are just getting started on solidifying their vision for the Fannie Mae location. But one thing is certain: the partners are already on the same page. \u201cVery early on we had a meeting of the minds for aspirations for the property in terms of quality,\u201d Richard Lake, founding principal of Roadside Development, told\u00a0<em>Commercial Property Executive<\/em>. \u201cWe have a real interest in creating a smart community in the built environment, taking advantage of the surroundings but bringing technology to the environment.\u201d<\/p>\n<p>Located at 3900 Wisconsin Ave. between the high-density neighborhoods of Tenleytown and Cathedral Heights, Fannie Mae\u2019s headquarters is tucked away from the hustle and bustle of downtown Washington. The property first opened its doors in 1958, designed by architectural firm Chatelain, Gauger and Nolan for Equitable Life Insurance. Fast-forward a half-century and Fannie Mae has arranged to downsize its multi-location campus and relocate to a 700,000-square-foot leased space due to sprout up on the\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/new-future-for-former-washington-post-site\/\">site of the former Washington Post building<\/a>, leaving its current 10-acre property open for redevelopment.<\/p>\n<p>The Colonial-style structure may not precisely\u00a0 scream \u201chistoric Washington,\u201d but it is of iconic status in the city. A full teardown is unlikely to be well-received, and Roadside is keenly aware of the climate. \u201cWe\u2019re trying to allay any fears that we\u2019re not going to honor the building. So first and foremost, we want to get everyone comfortable that we\u2019re interested in keeping the building and then we\u2019ll work with the community on what\u2019s appropriate on the side of the structure and behind it,\u201d Lake said.<\/p>\n<p>The combination of offerings that will be part of this mixed-use destination is to be determined, but it\u2019s likely that retail will play a starring role. Market research indicates that such offerings would\u00a0be fully embraced by residents and tenants alike. The average household income in metropolitan Washington\u00a0outpaces the national average by a whopping 58 percent, per a report by commercial real estate research and consulting firm Delta Associates, leaving more than a few residents with greater discretionary spending. And retailers are answering the call for more supply, seeking newer Class A space as the capital city increasingly embraces the live-work-play lifestyle.<\/p>\n<p>\u201cFor us, retail shouldn\u2019t just be a filler; it should be at the table and truly designed to function properly,\u201d added Lake. \u201cIt needs to be its own dimension as opposed to something that\u2019s just vertically integrated. If done well, it\u2019s very powerful.\u201d<\/p>\n<p>Mixed-use developments continue to pop up all over town, and from Roadside\u2019s perspective, it\u2019s not enough of a good thing. Lake noted, \u201cMixed-use is nothing new. Go to Europe and you see residential or office over shops&#8211;it\u2019s been that way forever. This is a continuation of a movement across the world to urban centers. That\u2019s really the story here.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developers are eyeing mixed-use redevelopment after paying $89 million for the GSE&#8217;s property.<\/p>\n","protected":false},"author":969,"featured_media":1004160620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,11,21747,1615],"tags":[],"class_list":["post-1004160619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-midatlantic","category-office","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Roadside Development, NASH Snag Fannie Mae HQ - 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