The Mortgage Bankers Association's (MBA) headquarters building in Washington, D.C., is up for sale. MBA President and CEO John Courson and Chairman Robert E. Story Jr. made the announcement in an e-mail to members of the trade group Tuesday.
The property, 1331 L St., will be marketed by Hooliday Fenoglio Fowler (HFF). The MBA will continue to lease a portion of the building through 2020 so that the sale will not require the group to incur the expense and effort of a move, the e-mail said.
"The decision to purchase 1331 L Street was made after recommendations by three separate member-led task forces," Courson and Story wrote. "Since the purchase in May 2008, the U.S. economy has suffered one of the most severe recessions in a century, and the residential and commercial real estate markets have materially deteriorated. These factors, coupled with a challenging leasing environment, led the MBA board to conclude that continued ownership of 1331 L Street was economically imprudent, and over the long term would impair MBA's ability to continue providing our members with MBA's full range of services."
SOURCE: Mortgage Bankers Association