The Mortgage Bankers Association (MBA) announced that it will move to a new headquarters in Washington, D.C. in early June.

According to details published in the MBA NewsLink, the trade group has leased a 42,500 square feet space at 1717 Rhode Island Avenue NW in the nation’s Capitol.

Last month, MBA opted to sell its current headquarters (above) at 1331 L Street NW in Washington to the CoStar Group for a loss, after property values in the area took a tumble and the industry’s largest trade group found itself underwater on the mortgage.

MBA explained that it purchased the site earlier this decade, at the height of the real estate boom, but by the time the office space opened in June 2008, market conditions had worsened and the recession had set in, hampering the ability of MBA to attract tenants to fill the six floors it didn’t occupy.

The NewsLink quoted MBA President and CEO John Courson as saying in a letter to the association’s members that MBA made “tough decisions” this year and was now “operating again the way it’s supposed to.”

“Reducing our occupancy costs was a key goal for the association,” Courson said. “I am pleased that our new lease has accomplished this goal and that MBA will realize significant cost savings. The new office space provides MBA with ample space to accommodate existing staff levels…and the infrastructure needed to run a top-tier trade association.”

MBA says it has already begun consolidation and integration of some services, such as IT operations, in preparation for the June 5th move and expects no disruptions in service to its members during the transition.