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Commercial Real Estate Insider Only New Castle County News

Former Discover office bought as out-of-state investment

Katie Tabeling
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12 Reads Way currently sits vacant and now owned by the WoodmenLife insurance company as part of its investment portfolio. | DBT PHOTO BY KATIE TABELING

NEW CASTLE — In an effort to diversify its portfolio, WoodmenLife has acquired the former Discover Financial Services office in the New Castle Corporate Commons for an undisclosed amount.

WoodmenLife, a not-for-profit benefit society based out of Nebraska, acquired the building at 12 Reads Way as part of its investment portfolio. The private company operates insurance for its 600,000 members across the nation, as well as offering a suite of retirement planning services and investment funds.

WoodmenLife representatives told the Delaware Business Times that the company does not plan on holding the property for long.

“The property is currently on the market. Our investment portfolio includes properties all over the country,” WoodmanLife spokeswoman Kerry Heinrich said.

The building at 12 Reads Way has sat vacant since Discover announced it would move its receivable finances office to the Iron Hill Corporate Center near Newark back in 2021. The move relocated 1,300 employees out of the New Castle Corporate Commons office.

Discover had its Delaware workforce at 12 Reads Way facility for more than 20 years. The three-story building features 106,878 square feet of office space and a 910-spot parking garage on more than 6 acres of business park-zoned land.

The Commonwealth Group, the real estate investment arm of NAI Emory Hill, held 12 Reads Way for eight years, along with other assets in the New Castle Corporate Commons. The entire office complex includes 22 buildings and is miles from Interstate 95. LMT Commercial is currently marketing the property on behalf of WoodmanLife.

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