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[quote=Anonymous]More excerpts from article. Seems like it would be prudent for DC to start making adjustments to expected revenue.

[quote]That news comes less a month after Monumental Sports & Entertainment revealed it had a
framework in place to relocate the Washington Wizards and Capitals, and its own headquarters,
to Potomac Yard in Alexandria. Combined, the two moves are representative of the pain D.C. is
experiencing amid the widespread flip to hybrid work, a surge in crime, elevated office and
retail vacancies and the general ongoing impacts of the Covid-19 pandemic. They threaten to
drain downtown of thousands of employees and visitors — and key economic activity during the
workday and evening hours.

Per Fannie Mae’s career website, the company has embraced remote work, offering a hybrid
work option, flex hours and flex Fridays, all of which suggest that nearly 700,000 square feet is
likely well above what it needs as an office footprint. The region's largest public company
remains under federal government conservatorship, now in its 15th year.
Midtown Center is Carr’s 865,000-square-foot redevelopment of the former Washington Post
headquarters, which the D.C. real estate firm had acquired in 2014. A year later, it snagged the
coveted Fannie Mae headquarters lease, and broke ground on the project in May 2016.

[b]Midtown Center, which, pre-pandemic, was expected to house 3,500 Fannie Mae employees, is
the most valuable taxable property in the District, with a 2024 assessment of $739 million,
though that is down from $781.8 million in 2023 and $830 million in 2022. [/b]The property is
subject to a $525 million loan — itself a refinancing of a prior construction loan — originated in
2019 by Wells Fargo Bank, Bank of America and Goldman Sachs Bank, according to the D.C.
Recorder of Deeds. The loan reportedly comes due in 2029.

The property, comprising two towers linked by glass skybridges, includes 45,000 square feet of
retail and restaurants (some of which may soon be available for lease), a 1,300-square-foot
bike room, conference center, fitness center and large rooftop terrace. It is home to one of the
few remaining D.C. WeWork locations, which spans more than 100,000 square feet of the office
space not consumed by Fannie Mae.[/quote][/quote]

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