A $65 million note for the Hercules Plaza Building has been sold for about $23 million.
Commercial Observer reported that Brooklyn-based CREMAC Asset MManagement agreed to the deep discount for the note.
The note had been under special servicing, a status that gives the note holder oversight on improvements and other types of spending.
Known locally for its striking atrium and ball fountain. Hercules Plaza has been struggling with the departure of its namesake’s successor Ashland Inc.
Hercules’ landlord has responded with upgrades to the space and 1313 Innovation, a business incubator and accelerator Hercules Plaza also competes with office buildings with attached parking garages.
Hercules Plaza also competes with office buildings with attached parking garages. McConnell-Johnson, which formerly held the note, will continue to manage the building.
McConnell-Johnson owns the adjacent 1201 N. Market.
Ashland acquired Hercules several years ago and has since sold off many of its operations. More recently, Hercules’ water user chemical business was spun off into a company known as Solenis. Solenis has its headquarters in north Wilmington.
(Correction: (A previous version listed 1201 Market as the state’s tallest building).
