Capital One to consolidate jobs in two downtown buildings

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Capital One has just completed a long-term lease agreement, co-locating our existing Wilmington associate population in new office space at 800 and 802 Delaware Avenue in downtown.

Details of the lease were not initially disclosed.

 The company will lease about  330,000 square feet of office space between the two buildings, which includes our current space at 802 Delaware Avenue and four floors at 800 Delaware Avenue in the Highmark building.

Capital One staff is based primarily in three buildings in downtown Wilmington, including 802 Delaware Avenue, 1 South Orange Street, and 301 West 11th Street.

The 11th Street and Orange Street location, which is on the riverfront, are considered to be desirable locations and may not stay vacant for long, according to local brokers.

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Downtown has been struggling with a higher vacancy rate, although “trophy buildings” with modern features and parking have fared much better.

Space will be fully renovated.  Floors are expected to move to an open concept, rather than cubicles and offices that are becoming less popular.

The design of the space is in the early stages.  The timetable calls for moving locations as renovations are completed.  The process is expected to continue through late 2018.

“Capital One is a first rate corporate citizen and is a strong and consistent contributing member of our community,” said Wilmington Mayor Mike Purzycki. “I couldn’t be more pleased to learn that the company is reaffirming its commitment to Wilmington, consolidating its operations, and creating a more collaborative working area for its employees, thus strengthening its overall company operations.  I wish Capital One well. The company has had a good experience doing business in Wilmington and we thank them for their support. The two first class office buildings that Capital One will vacate in order to complete this consolidation are highly desirable locations on West 11th Street and on the Christina Riverfront and should attract attention quickly.”  

 Capital One,  which came to Wilmington through acquisitions of  HSBC and INGDirect operations, employs approximately 2,200 workers in Wilmington,   from  Retail & Direct Banking business, as well as associates in Technology, Operations and Risk Management, among others.  

Capital One’s  plans have long been the subject of speculation in real estate circles, and there have been concerns about the company leaving the city.  Capital One is based in Richmond, VA and has  operations in that state and around the nation.

At one point several years ago, Capital One opted out of financial incentives from the state, although it continued to voice its commitment to staying in the city.

Launched as a credit card company,  Capital One has moved into brick and mortar banking. It has not opened offices in New Castle County, but does have a branch in the Rehoboth Beach area.

The direct banking operation is now known as Capital One 360 and offers no-fee checking accounts, along with a large system of affiliated automatic teller machines with no fees.

The company has continued to emphasize  its community involvement that includes the following:

  • Year-round support to many nonprofits in the area, including programs such as Zip Code Wilmington, UD’s Diamond Challenge, DelTech Pathways and West End Neighborhood House. 
  • Associates work with children at local schools through partnership with organizations like Junior Achievement of Delaware, build new homes for families through Habitat for Humanity of New Castle County, teach digital skills to students via the Future Edge initiative and Capital One C1 Coders program, and help entrepreneurs succeed and nonprofit organizations be more effective by hosting onsite Workforce Development Days. 
  • Capital One’s Delaware leaders also sit on 25+ local boards, providing expertise in finance, marketing, fundraising, development, and organizational strategy to organizations focused on housing and homelessness, college access and persistence, small business development, career and workforce development, services to children, and bridging the digital and tech skills gap. 
  •   Delaware associates volunteered more than 23,000 hours in 2016.
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