NAI Emory Hill announced the leasing of more than 278,000 square feet of office space at its White Clay Corporate Center near Newark to two financial institutions, CitiGroup and JP Morgan Chase.
CitiGroup Technology signed a lease renewal for approximately 88,000 square feet of office space at White Clay, while JP Morgan Chase has leased several spaces totaling about 190,000 square at the same center to accommodate an expansion. NAI Emory Hill Director of Brokerage and Principal Neil Kilian, was the sole broker in the transactions, which together totaled more than $11.6 million.
“With its strategic location in Newark and close proximity to the University of Delaware campus, the White Clay Corporate Center has been and continues to be a highly desirable location for the financial services industry,” Kilian said. “We are seeing an uptick in office leasing activity in the greater Newark area which is a welcome sign, following the great recession, and highlights the many advantages Newark has to offer major employers.”
In addition to White Clay, JPMorgan Chase, which has more than 7,000 employees in Delaware, leased space and added a parking ramp in the Iron Hill Corporate Center, a short distance away from White Clay, in Ogletown. The company also bought the former AstraZeneca south campus north of Wilmington.
White Clay has long been a center for financial services employers, with the Bank of New York, as occupying space at the site for many years. Chase has also had a presence at the site for years.
NAI Emory Hill represents NAI Global in Delaware and Cecil County, Md. and is a division of the Emory Hill Companies. Emory Hill provides Delaware and the Mid-Atlantic region with commercial real estate brokerage, construction, property management, maintenance and residential real estate sales.
