Press Release


Title: MBA Announces Deal to Purchase New Headquarters in Washington, DC
Source:   MBA
Date: 1/18/2007

WASHINGTON, DC (January 17, 2007) — Jonathan L. Kempner, President and CEO of the Mortgage Bankers Association (MBA), announced today that MBA has signed an agreement to purchase a new commercial building at 1331 L Street, NW in Washington, DC once construction is completed in the second quarter of 2008.  In addition to serving as MBA headquarters, the building will have other office and retail space.

“As MBA has continued to grow in recent years, we have come to the inescapable conclusion that owning our own building was the smartest long term investment for the Association,” said Kempner.  “The commercial real estate environment in Washington, DC continues to be favorable for owning, and we are very excited at the prospect of designing and owning our own space.  And quite frankly, it is only right that the national association for the commercial and residential real estate finance industry own its property.”

The new location at 1331 L Street, NW will feature more than 170,000 square feet of space, approximately 65,000 square feet of which MBA will initially occupy, on 10 above-grade levels, including retail on the first floor.  Kempner also announced MBA intends to have the core and shell of the building, and MBA’s own interior offices, certified under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program. 

“This new building will allow MBA to better meet the needs of its members,” continued Kempner.  “We will have a modern, state of the art facility that gives us the space and resources we need to serve our members, as well as the flexibility to adapt our office space as our strategic goals and objectives evolve.”

The property is being 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, D.C. and San Diego, and Washington, D.C.-based DRI Development Services LLC, a full-service commercial real estate development company that has constructed 68 properties over the past two decades.  SmithGroup is performing the base building design.

“When Paramount and DRI decided to build 1331 L Street, we knew the property would have immediate appeal because of its superb location near Thomas Circle and Franklin Park on Washington’s East End,” said Albert Behler, president of Paramount Group.  “The property is close to major governmental and corporate offices, universities, shops and fine dining, all of which are sure to please MBA employees and guests.”

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:   www.mba.org.