Christiana Care inked the largest office in the Delaware Valley in the first half of 2019.
The 386,400 square foot lease at 800 Concord Pike, the former AstraZeneca campus, now known as Avenue North, according to the second quarter report from Colliers. The commercial broker has an office in Wilmington.
Christiana Care, which leases space in various locations and has administrative offices at its two hospital campuses, has not yet announced a timeline on offices that will move to the Concord Pike location or whether the complex will serve as the headquarters for Delaware’s largest health care system.
Expansion has continued at both the Wilmington and Christiana hospital sites. Christiana also leases space in New Castle Corporate Commons.
The retail report noted that New Castle County got off to a bumpy start to 2019.
The renovation of the former AstraZeneca buildings at Avenue North on Concord Pike included large deals from Christiana Care and chemical company Solenis. While these tenants will be vacating other space in the market, there was a net occupancy gain. The suburban vacancy rate decreased from 9.1 percent at the end of 2018 to 8.65 percent.
However, the gains were offset by Bank of America’s space giveback at the Bracebridge buildings in downtown Wilmington. The two buildings, now fully vacant, represent an additional 500,000 square feet of space that is likely to have a prolonged lease-up timeline. The downtown vacancy rate increased from 15.3 percent to 19.2 percent.
The Colliers report mirrored the findings of the NKF second-quarter report, which also noted the large block of former Bank of America space on the market.
Downtown Wilmington office space glut offsets stronger results in suburbs
