Boston Properties buys into former Fannie Mae buildings, setting stage for redevelopment

Boston Properties has purchased a 50% stake in the redevelopment of the former Fannie Mae offices (via Google Maps)

Boston Properties Inc. has acquired a 50% interest in the former offices of Fannie Mae in Herndon.

The developer, whose properties include Reston Town Center, paid roughly $17.3 million for the acquisition of 12310 and 13150 Worldgate Drive, according to its first quarter earnings report.

Both buildings have been vacant for years, poising Boston Properties for a joint venture that includes redeveloping the property for residential use, according to an April 26 earnings call. Washington Business Journal first reported the news.

The tentative plan calls for demolishing both buildings and using a portion of the garage for a 349-unit rental and for-sale housing development, according to Boston Properties CEO Owen Thomas.

Boston Properties would act as the developer of the project alongside Artemis Real Estate Partners. MRP Realty and Artemis paid around $45 million for both properties in 2018.

Development likely won’t kick off until next year.

“Additional new acquisition opportunities will undoubtedly grow in this environment,” Thomas said. “We will remain highly opportunistic and solely focused on premier workplaces, life science and residential development.”

Fannie Mae’s former campus on American Dream Way in Reston is also being eyed for redevelopment. Developer Wheelock Capital recently resubmitted plans to Fairfax County after an earlier approval was voided due to a late payment.

Read more on FFXnow…

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