The owners of the landmark Brandywine Building in downtown Wilmington have been issued a notice of default. The action was filed in U.S. District Court in Wilmington.
Minneapolis-based mortgage holder US Bank filed the action on the building that was one of the original holdings of Buccini/Pollin Group, Wilmington.
BPG acquired office buildings owned by DuPont Co. and has since added other holdings around the region. It recently acquired the DuPont Building, the home of the Hotel duPont and DuPont spin-off Chemours.
Buccini/Pollin later sold most of its interest in the Brandywine Building. The News Journal reported the owner of the building is an entity owned by the government of Kuwait.
The building was perhaps best known for having the DuPont “oval” sign for many years. The 19-story high-rise was constructed in 1969 and is the fourth-tallest building in Wilmington.
The company decided to promote its corporate identity on the prominent building after banks spent large sums on high-rise signage in downtown. The oval, which was dwarfed by bank signs, was later taken down as DuPont continued to reduce its office footprint.
The Brandywine Building, like other older downtown high rises, has struggled with high office vacancy rates brought on by corporate downsizing and a trend toward companies putting more workers in less square footage.
A default can lead to many actions that can include a sheriff’s sale or a modification of its mortgage to reflect the value of the building, with the lender taking a write-off.
Recently, the Hercules Building in downtown had its mortgage reduced by more than half of the previous balance with the original owner remaining in place.
The building saw the departure of long-time tenant Ashland, the company that bought Hercules Incorporated. The multi-tenant high-rise was constructed as part of an effort to keep the chemical company in Wilmington.