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Mortgage bankers’ HQ up for sale

Trade group plans to stay on as tenant

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The Mortgage Bankers Association's Washington, D.C., headquarters is reportedly up for sale, with the trade group planning to remain as a tenant in the 170,000-square-foot building through 2020.Citing a letter to members by MBA Chief Executive Officer John Courson, the Washington Business Journal reported that broker Holliday Fenoglio Fowler LP will immediately begin marketing the 10-story property, located at 1331 L St. NW.Courson said deteriorating residential and commercial real estate markets, coupled with a "challenging leasing environment," led the MBA's board of directors to conclude that continued ownership of the building was "economically imprudent" and would impair the group's ability to continue providing a full range of services to members.The MBA purchased the building in May 2008. A month before the deal closed, the Washington Post reported that the MBA was losing membership and revenue and that the credit crunch had raised the financing costs of the ...