The new house of the Federal National Association Of Mortgages, recently consolidated with participation of Fannie Mae, is now for one step nearer to become a new reality, pulling a construction permit which costs $43 million.
This permit, which costs $42.6 million at the total, was pulled during this month, and the sources of real estate say that the today’s way is start to construct, with the Fannie Mae’s collaboration, a new 10-story building, with 300,000-square-foot – a new office tower, located at 5600 of the Granite Parkway.
“Just now we are at the process of working on design, and also we are thinking about all timeline questions,” said Pete Bakel, a principal director of international communications, to the Dallas’s Journal of Business.
“In this moment we occupy three or four leased homes, and we have plans to move into one single space – decision, that will help us to reduce costs and to find good working space,” he also added.
Located at the North Texas, Fannie Mae occupies a total of 450,000 square feet: several zones of North Dallas, how Granite Park and Tollway of Sam Rayburn.
This properties include:
14221 Dallas Parkway, located in Dallas: 220,000 of square feet totally leased.
14651 Dallas Parkway, located in Dallas: 106,000 of square feet totally leased.
15601 Dallas Parkway, located in Addison: 124,000 of square feet totally leased.
Each of these real estates have their own lease, which ends during 2018 – this data helps Fannie Mae to find a solution about consolidating of all regional operations.
Bakel said that he couldn’t make observations about the design, or about the timeline of the construction. How is now expected, the office tower will reach its maximum vertical height at the next year spring.
When that stage is reached, it’s possible to give access to interior area team for Fannie Mae’s, to start building the different zones of the future regional office – according real property sources.
Michael Graves Design & Architecture is working on Fannie Mae’s offices, located in Plano. And the main contractor is Austin Commercial.
Granite Properties, developer of Plano, is also the main developer of all building.
The tower, named Granite Seven Park will be opened by Fannie Mae at fall of 2017.
After completion, the new regional hub of Fannie Mae is expected to be the place for work for 2,000 employees from all North Texas.
The regional consolidation of Fannie Mae reflects a shift, occurred in mortgage industry that’s working with a mortgage delinquencies and also with a lower level of home ownership in all territory of United States.