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by CareyBot

Troubled mortgage giant Fannie Mae has withdrawn plans to build an office complex in Washington, D.C., in an effort to cut costs, according to the commercial real estate developer close to the deal. Fannie Mae, which last fall said it would have to restate earnings due to an accounting error, withdrew a nonbinding letter of intent to lease office space at the Waterfront Mall in Southeast Washington, according to Bresler & Reiner, which holds significant interest in the property. Bresler & Reiner, together with its joint venture partners in the Waterfront Mall project, the Kaempfer Co. and Forest City Enterprises, intend to continue the redevelopment of the Waterside Mall and actively seek other tenants. Bresler & Reiner develops and owns commercial, residential and hospital...