WASHINGTON, DC—Fannie Mae announced on Thursday plans to sell its headquarters building at 3900 Wisconsin Ave. here and two other owned-properties in the district.

The GSE, which is facing expiring leases at two other buildings in the district, says it plans to consolidate workers to a single location in D.C.

Fannie Mae spokesman Pete Bakel says the decision to sell the organization's real estate holdings stemmed from two leases that will expire in coming years, deteriorating conditions in its headquarters building, and the goal to consolidate workers housed in five locations into one, according to the Washington Post.

In addition to 3900 Wisconsin Ave., Fannie Mae owns 4250 Connecticut Ave. and 3939 Wisconsin Ave. All those buildings will go on the market for sale, Bakel notes. Fannie Mae has lease expirations coming at 4000 and 2115 Wisconsin Ave.

“In the next two to three years, we plan to consolidate Fannie Mae staff from five Washington, D.C. area offices into a single, leased office building located in downtown D.C.,” Bakel says. “This move comes ahead of the expiration of two leases on buildings that house many of our employees in the District. While an exact location has not been determined, we are focused on making responsible real estate decisions to ensure the wise use of resources, the safety and soundness of operations, and flexibility to adapt to changes in our future workplace needs.” See story in the Washington Post.