Pettinaro will break ground on Wednesday for a new addition to be built at the Montchanin Corporate Center in Greenville.
Gregory Pettinaro, CEO of the Newport company, will welcome Bessemer Trust and the Glenmede Trust Company as new tenants that will occupy the newly constructed addition.
“I am pleased we have this chance to construct the final addition at 20 Montchanin. With the signing of two financial institutions, it strengthens 20 Montchanin to be the only trueClass “A” building in the Greenville area.” Pettinaro stated.
The addition will add more than 30,000 square feet to the office complex.
Bessemer Trust has leased a suite on the first floor and Glenmede Trust has leased the entire second floor of the addition. Both trust companies now have offices in downtown Wilmington.
The remaining spaces are currently available for lease when construction ends.
The Montchanin Corporate Center has been a business center in Greenville for several decades. It served as a corporate headquarters for Columbia Gas and was later became an office complex for credit card banker MBNA.
Pettinaro acquired the property as well as the nearby Greenville Center shopping and office complex.
The contractor is Pettinaro Construction Company, Inc., with completionslated for the fall.
“Glenmede has been serving clients from its Delaware office for over 20 years. This move reflects our sustained commitment to the community and will allow us to continue to grow and provide exceptional client service,” said Geoff Rogers, regional director of Glenmede’s Wilmington office.
Bessemer Trust and The Glenmede Trust Company will be joining 25 current tenants in the building. The tenant mix includes financial services, investment management, legal services, and other businesses
Bessemer Trust is a privately owned and independent company that has served individuals and families of substantial wealth. The company provides wealth planning, investment management, and family office services.
Pettinaro is a family owned and operated real estate company.
The company was founded in 1965 by Verino Pettinaro, who still works today while his son Greg Pettinaro serves as CEO.
Their current portfolio consists of approximately 4.5 million square feet of office, retail, and industrial properties as well as more than 3,000 multifamily residential apartments and flexible lease term furnished units, a release stated.