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Japan's Sekisui House set to buy, remodel Fannie Mae HQ

Developer seeks prime US location as part of overseas push

OSAKA -- Sekisui House will purchase and redevelop the Washington headquarters of American mortgage buyer Fannie Mae, it was learned Wednesday, as the company aims to kick-start the overseas expansion central to its growth strategy.

The Japanese developer likely will pay 10 billion yen to 20 billion yen ($88 million to $176 million) for the building and roughly 40,000-sq.-meter property located 10 minutes or so from the White House by car. Sekisui House plans to remodel the 60-year-old brick structure into a shopping center while maintaining its stately facade, as well as build luxury condominiums on vacant land.

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