MBA Opens New D.C. Headquarters

MBA (6/17/2008 ) Stokes, Aleis
The Mortgage Bankers Association opened its new headquarters at 1331 L Street NW in Washington, D.C. MBA's new building, which also offers other office and retail space, has been pre-certified at the Silver level through the U.S. Green Building Council's (USGBC) LEED for core and shell green building rating system.
"MBA is tremendously pleased to announce that we have moved into our new 1331 L Street headquarters," said MBA President and CEO Jonathan Kempner. "We came to the inescapable conclusion last year that owning our own building was the smartest long-term investment for the Association and it is only right that the national association for the commercial and residential real estate finance industry owns its property. We are, quite frankly, thrilled to be in our own home."

The new location at 1331 L Street features more than 170,000 square feet of space, with MBA initially occupying 65,000 square feet. The building has 10 above-grade levels and includes retail space on its first floor.

The property was developed by a partnership of Manhattan-based Paramount Group Inc., New York's largest international real estate investment and management firm, which has a 10-million square-foot portfolio of Class A properties in New York, Washington and San Diego; and Washington-based DRI Development Services LLC, a full-service commercial real estate development company that has constructed 68 properties over the past two decades. SmithGroup performed the base building design.

MBA closed on the purchase of its new home earlier this month. PNC Bank provided the letter of credit facility to credit enhance the bonds and Wells Fargo, Chevy Chase and Virginia Commerce Bank participated in the facility. PNC Capital Markets handled marketing of the bonds.