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Industry News

Fannie Mae dumps plans for new office complex

January 21, 2005

Financial situation influences decision

Inman News

Troubled mortgage giant Fannie Mae has withdrawn plans to build an office complex in Washington, D.C., in an effort to cut costs, according to the commercial real estate developer close to the deal.

Fannie Mae, which last fall said it would have to restate earnings due to an accounting error, withdrew a nonbinding letter of intent to lease office space at the Waterfront Mall in Southeast Washington, according to Bresler & Reiner, which holds significant interest in the property.

Bresler & Reiner, together with its joint venture partners in the Waterfront Mall project, the Kaempfer Co. and Forest City Enterprises, intend to continue the redevelopment of the Waterside Mall and actively seek other tenants. Bresler & Reiner develops and owns commercial, residential and hospitality properties in the Washington, D.C., Orlando, Florida and Philadelphia, metropolitan areas.

Fannie Mae, the nation's largest source for home loan financing, last month replaced its chairman and CEO, and is under investigation by the Justice Department and the Securities and Exchange Commission.

The company also announced this week it would cut its quarterly dividend by half in order to free up capital needed to meet new regulator requirements.

Copyright 2005 Inman News

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