First look: Architect Magazine showcases Fannie Mae’s new corporate digs

It’s big and beautiful and it saves the GSE money

Architect Magazine has the renderings of the proposed new Fannie Mae headquarters, and while it looks pretty, it also looks pretty right for the GSE, at least from a budget perspective.

See more renderings here.

The lease – and it is a lease for Fannie; the developer will own the building – is also going to be a net savings for the GSE, since they will be able to ditch property they own and consolidate some leased satellite offices, says Andrew Wilson, media relations director at Fannie.

According to the pub, New York–based SHoP Architects is designing a 838,480-square-foot building for 1100 15th Street NW in Washington, D.C., to house Fannie Mae’s corporate headquarters, among other office tenants, as well as 42,000 square feet of retail on the ground floor.

The report says that Washington, D.C.–based Carr Properties submitted materials to the city’s zoning board on July 27, 2015. Local firm WDG Architecture is the architect of record on the project.

While some unfounded rumors are floating around, it’s not a case like what’s happening with the Consumer Financial Protection Bureau, which is being criticized in Congress for profligate spending on its headquarters.

For the past year, serious criticism has been leveled at the CFPB for the cost and lack of oversight in renovating the CFPB headquarters in a building that was, in a bit of irony, formerly leased by the Office of Thrift Supervision.

According to the Federal Reserve Inspector General, the estimated cost of actual renovation of the CFPB’s headquarters jumped from $40 million in February of 2012 to $145 million in December of 2013. The Inspector General estimated that the total cost is now closer to $216 million.

And, as of last week, a bill that would suspend the $3 million pay raises recently awarded to the CEOs of Fannie Mae and Freddie Mac is one step closer to becoming law.

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