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Following Big Reston Lease, Fannie Mae Looks To Sell 3 Fairfax County Buildings

The office building at 11600 American Dream Way in Reston

After Fannie Mae's deal last week to consolidate its Northern Virginia footprint at Reston Gateway, the mortgage financier is now looking to sell three Fairfax County properties. 

The company is seeking brokers to market three office buildings totaling over 750K SF in Reston and Herndon, the Washington Business Journal reports

Fannie Mae is looking to sell the 401K SF Reston Technology Center at 11600 American Dream Way in Reston. The property, assessed at roughly $102M, sits about one mile from Reston Town Center and the site of the future Silver Line station. 

The other two buildings, on Worldgate Drive in Herndon, each have about 178K SF of office space and are assessed at roughly $52M. Those properties sit near the planned Innovation Center Silver Line stop, and across the Dulles Toll Road from the Amazon Web Services-leased building FCP sold for $226M last week. 

Fannie Mae has not released a timetable for when it hopes to sell the properties, but it still has more than three years until it moves into its new Reston office. It could potentially execute a sale-leaseback deal to remain in the buildings until its planned 2022 move. 

Last week, Fannie Mae signed on for 850K SF to anchor Boston Properties' Reston Gateway project. It is also preparing to move into its new headquarters at Carr Properties Midtown Center in Downtown D.C. That move created a big redevelopment opportunity at its former Wisconsin Avenue NW headquarters, where Roadside Development landed Wegmans to anchor a 700-unit mixed-use project.