Type to search

Commercial Real Estate News

Bank of America to sell Bracebridge buildings in Wilmington

Avatar photo
Share

Bank of America has reached a tentative agreement to sell its Bracebridge I and Bracebridge III buildings on French Street in downtown Wilmington this fall.

Bank spokesman Trevor Koenig said the sale, which is expected to take place in the fourth quarter, does not mean the bank is moving employees out of Delaware. He said the move is part of the bank’s global effort to be more efficient with its space.

“We are committed to maintaining a strong presence in Delaware,” he said. “Employees who currently occupy these buildings will be moved to Bracebridge II or to other locations in the Delaware market. There are no plans to move employees out of Delaware.”

Koenig did not comment on whether there would be a leaseback provision with the buyer.

The bank has retained Bracebridge II, an 11-story building at 1100 N. French. It was the third Bracebridge building the bank received in the $35 billion MBNA sale in 2016.

Get the free DBT email newsletter  

Follow the people, companies and issues that matter most to business in Delaware.

Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *

Premier Digital Partners

© 2024 Delaware Business Times

Important notice for access to your Delaware Business Times “Insider” content

Flash Sale! Subscribe to Delaware Business Times and save 50%.

Limited time offer. New subscribers only.

Limited time offer. New subscribers only.

SUMMER FLASH SALE!

Subscribe to Delaware Business Times and save 50%