Mortgage Bankers Association Renews HQ Lease

The new contract includes a significant reduction of rent costs.

1919 M Street NW

1919 M Street NW. Image courtesy of JBG Smith

The Mortgage Bankers Association has extended its headquarters lease in Washington, D.C. MBA will continue to occupy 34,560 square feet of Class A office space at 1919 M Street NW until 2035. Avison Young represented the tenant in its negotiations with the building’s owner, 1919 M Street Association Limited Partnership.

In addition to the 13-year lease extension, MBA obtained the reduction of rent costs by more than $4.2 million and funds for the leased space remodel to align with a hybrid work environment. The landlord also agreed to upgrade the building’s systems and public areas, as well as to create a tenant-only conference center.

The negotiated office restructuring comes amidst an architectural revision of many workspaces due to the pandemic, with MBA in particular seeking to refine its hybrid work model for its members.

An office building on M Street

Completed in 1967 and renovated in 2000, the 272,000-square-foot office building rises eight stories in Washington, D.C.’s Central Business District. The LEED Gold-certified property houses various tenants, such as the College Board and ABC Imaging, among others, according to CommercialEdge data. Its location, at the intersection of 20th and M streets, provides quick access to Georgetown, Capitol Hill and the Dupont Circle Metro Station.

Avison Young Senior Vice President Laura Peterson and Principals Bruce McNair and Will Travis represented MBA in the transaction. McNair said, in a prepared statement, MBA made a long-term commitment not just to Washington, but also to the Central Business District, its home for decades.

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