Page 36 - The GSE Report March-April 2018

FANNIE MAE MJARN.U-ARPYR.20210818
To date, Fannie Mae has acquired nearly $5.8 billion of insurance coverage on approximately $240.8 billion of loans through its CIRT program. (Press Release, Fannie Mae, 03/30/18)
A closer look at Fannie Mae’s workplace relocation
Fannie Mae’s consolidation of its headquarters from five DC area buildings to Midtown Center is under budget, on schedule, and on target to save taxpayers $300 million dollars over the term of a fifteen year lease, according to the GSE. In addition, Fannie Mae sold three previously-owned Washington, DC office properties—3900 Wisconsin Avenue, 3939 Wisconsin Avenue and 4250 Connecticut Avenue—for a combined $118 million, which accrued directly to the U.S. Treasury Department.
The company is renting its new consolidated office in Midtown Center, a multi-tenant building in downtown DC. By moving to the new space:
• Fannie Mae will have swapped 991,000 inefficient square feet across five legacy buildings for 682,000 square feet in a single building at Midtown Center. This reduces the company’s Washington, DC headquarters by over 30 percent.
• Fannie Mae will have 80 percent fewer offices, and the average size of the offices is 30 percent smaller.
• Fannie Mae’s workforce will benefit from a consolidated open workspace environment that is specifically designed to increase collaboration and productivity.
• Fannie Mae will reduce operating costs (security, maintenance, etc.), as the company will no longer need to provide those functions to five separate DC locations and some of those services are provided directly by the landlord.
The company’s relocation to Midtown is on schedule and expected to be completed by November 2018. To-date, approximately 20% of Fannie’s DC workforce has relocated to Midtown Center. Although large-scale interior construction continues, Fannie Mae has been relocating employees to the new facility as additional floors become completed and certified for occupancy by the city’s building office. (Press Release, Fannie Mae, 04/11/18)
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