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Commercial Real Estate News

DC firm acquires PNC Bank Center in Wilmington

CBRE has announced that Washington, DC-based Douglas Development Corporation has acquired the PNC Bank Center in Wilmington. 
The 289,303-square-feet Class A office space is located at 222 Delaware Avenue.
“CBRE is thrilled to have brought Douglass Development to Wilmington for their first investment in Delaware,” said Kranzel, senior vice president, CBRE. “They were attracted to 222 Delaware Avenue because of its strong leasing history and impressive roster of in-place tenants. Douglass Development is encouraged by all of the recent development in downtown Wilmington and is bullish on Wilmington’s future.”
The PNC Bank Center was built in 1987 by Vlastimil Koubek. Current tenants include Eckert Seamans, Fish & Richardson, Drinker Biddle & Reath, and Duane Morris, to name a few. 
“CBRE is pleased to partner with Douglas Development on the repositioning of this Class A property in the city of Wilmington,” added Kaczowka, also a senior vice president. “New ownership has plans for capital improvements that include a state-of-the-art fitness center, a new conference center and upgrades to the main lobby, common areas and restrooms.” 
The CBRE Capital Markets team of Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran represented the seller in the marketing and sale negotiations. 

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