WILMINGTON – CSC, one of the oldest legal-services businesses in the country, announced Monday, Feb. 3, that it has purchased a downtown Wilmington office building where it will open a new location.
Formerly known as Corporation Service Company, CSC moved into its state-of-the-art headquarters off Lancaster Pike near Greenville in 2017. While headquartered in Delaware, where it serves the thousands of companies that incorporate in the state every year with business, legal, tax and digital services, CSC has offices around the globe and employs more than 2,000.
Now it will have a new local presence though, after purchasing 112 S. French St. – also known as the Pennsylvania Railroad Building – which is 43,000-square-feet with six floors, and sits directly adjacent to the Wilmington train station. While a sale price was not disclosed and county deed records showed the Jan. 8 sale reflected only a nominal valuation, a calculation of the state’s 2.5% transfer tax shows the building sold for at least $4.8 million.
It was sold by Summit Properties Inc., operated by New Castle insurance agent Dennis Salter, which has owned the more than 100-year-old, red-brick building since 1994. Most recently, the building had been the headquarters for Katabat, a debt collection company, but in the early 2000s had been home to ING.
“CSC is encouraged by and committed to investing in the growth of the city of Wilmington,” said Rod Ward, CEO of CSC, in statement announcing the purchase. “We’re excited about bringing CSC into the heart of the city and the prospects of attracting employees and new business to the area. This adds another destination for a new generation of entrepreneurs and business startups.”
CSC Station, as the building will be referred to, will undergo multi-million-dollar renovations scheduled to be complete this fall, and will include a new two-story atrium and upgrades to equipment and infrastructure throughout, according to CSC Vice President Scott Malfitano.
The first two floors will be transformed into “inspirational and energetic co-working space,” including shared work spaces, event space, and a variety of offices and conference rooms, officials said. CSC will also reportedly develop an innovation hub that will be available to its teams around the world.
“The fact remains that Delaware is a great place for businesses of all sizes to put down roots, grow, and create good-paying jobs,” Gov. John Carney said in a statement. “We have a world-class workforce, a central location, and a quality of life that is second to none. We’re really pleased with this investment from CSC, which is another vote of confidence in our state, in the city of Wilmington, and the potential for growth in our largest city.”
CSC has seen tremendous growth since its founding in Wilmington in 1899. Its success has grown with Delaware’s stature for incorporations, and today CSC serves 90% of Fortune 500 companies.
In 2017, the company built its 148,000-square-foot headquarters on nearly 40 acres at the corner of Lancaster Pike and Centerville Road. In 2016, CSC acquired a three-story office building at 2801 Centerville Road and completed renovations there last month.
“We are very pleased to welcome this long-established Delaware company to Wilmington,” Mayor Mike Purzycki said in a statement. “CSC has a wonderful reputation worldwide, nationally, and here at home. We are grateful to CSC for expressing confidence in our city and acknowledging the progress we are making by becoming part of Wilmington’s exciting future.”
By Jacob Owens
jowens@delawarebusinesstimes.com
