WILMINGTON – CBRE has announced that Washington, D.C.-based Douglas Development Corporation has acquired the PNC Bank Center.
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PHOTO COURTESY OF CBRE[/caption]
The 289,303-square-feet Class A office space is located at 222 Delaware Ave. According to county land records, the building sold for $24 million.
“CBRE is thrilled to have brought Douglass Development to Wilmington for their first investment in Delaware,” said Jerry Kranzel, senior vice president of CBRE, in a statement announcing the sale. “They were attracted to 222 Delaware Ave. 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 John Kaczowka, also a senior vice president of CBRE, in a statement. “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 Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran represented the seller in the marketing and sale negotiations.