Arch Street Capital Advisors announced the acquisition of a fully leased office condo located within the DuPont Building in downtown Wilmington on behalf of an institutional client.
The single-tenant, class A office condo consists of 283,069 square feet of office space and has served as the corporate headquarters for a publicly-traded, multinational corporation since inception. Chemours, a publicly-traded DuPont spinoff occupies space in the building.
Wilmington-based Buccini/Pollin Group purchased the building from DuPont for a reported $32 million. with the client paying $84 million for the space, Commercial Real Estate Direct Reported.
The massive building faces Rodney Square in downtown.
Chemours chose the space for its permanent headquarters after DuPont vacated space and relocated to its Chestnut Run site outside Wilmington. The decision was widely viewed as a victory for a city, which has struggled with the departure of office clients.
Down the street from the DuPont Building, Bank of America sold a half a million square feet of former MBNA headquarters space. That space is now on the office leasing market.
The DuPont Building is Delaware’s largest mixed-use building totaling nearly a million square feet, Arch Street reported. Arch Street is based in Greenwich, CT.
In addition to office space, the building currently includes a 217-room luxury hotel (Hotel duPont), a 1,253-seat theatre, and a new 13,000 square foot food hall, which opened in April. The final phase of the ongoing $175 milllion building renovation project will include the construction of 166 luxury apartments to be completed over the next several years.
“We are pleased to expand our footprint within the greater Philadelphia office market with the purchase of another high-quality asset leased to a well-established and long-term tenant” said Hemal Patel at Arch Street Capital Advisors. “We continue to seek quality long-term, single-tenant, net lease office assets on behalf of our institutional clients.”
Arch Street specializes in assisting investors with their U.S. real estate strategies including acquisition and joint venture advisory, financing advisory, and asset management and disposition services. Since 2003, Arch Street has advised clients on more than $7.4 billion of acquisitions.
Lat year, Arch Street purchased four buildings on behalf of a client in suburban Philadelphia.