Press Release


Title: MBA Operating from New 1331 L St, NW Headquarters
Source:   MBA
Date: 6/16/2008

WASHINGTON, D.C. (June 16, 2008) — The Mortgage Bankers Association (MBA) announced today that it is now officially operating out of its new headquarters, located at 1331 L Street, NW.  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 Jonathan L Kempner, MBA’s President and CEO.  “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.” said Kempner.

The new location at 1331 L Street, NW, 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 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, 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 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 the marketing of the bonds.

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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.