WASHINGTON, DC—The Mortgage Bankers Association has agreed to purchase 1331 L St. NW, a 170,000 sf building under construction. MBA will use some of the space as its headquarters and lease out the rest to office and retail tenants.

Mark Richardson, Tom Hilley and Pete Prominski of Transwestern represented the building’s developers, Manhattan-based Paramount Group Inc. and Washington, D.C.-based DRI Development Services LLC. Michael Boland of Boland Real Estate Services represented MBA and will be responsible for leasing the property.

When complete, 1331 L Street will be a class A, 10-story office building with 159,648 sf of office space, 11,072 sf of retail space and three levels of underground parking. John Mechem, a spokesman with MBA tells GlobeSt.com that the association plans to have the exterior of the building LEED-certified. The building is expected to deliver in Q2 2008.

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