The Mortgage Bankers Association is selling its Washington DC headquarters just over a year after the association finished building it, according to media outlets.
The ten story, 170,000 foot building won a prestigious award for environmentally sound business design, Leadership in Energy and Environmental Design Gold certification from the U.S. Green Building Council, after it was completed in the summer of 2008.
The outlets quote a letter from MBA CEO John Courson about the sale.
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"Since its 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 deteriorated," Courson was quoted as writing to members. "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 out members with MBA's full range of services."
The association will seek to continue to lease space in the building from the new owners. Calls and e-mails to the MBA for further comment have not yet been confirmed.
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