Douglas Development Corporation, based in Washington, DC, has acquired the PNC Bank Center, a 289,303 sq. ft. Class A office property at 222 Delaware Avenue in Wilmington, Delaware.
Terms and the previous owner were not announced.
The CBRE Capital Markets team of Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran represented the seller in the marketing and sale negotiations. Additionally, CBRE’s John Kaczowka and Brian Hopkins, both based in Wilmington assisted with the sale.
“CBRE is thrilled to have brought Douglass Development to Wilmington for their first investment in Delaware,” said Kranzel, senior vice president, CBRE. “They were attracted to 222 Delaware Avenue because of its strong leasing history and impressive roster of in-place tenants. Douglass Development is encouraged by all of the recent development in downtown Wilmington and is bullish on Wilmington’s future.”
“CBRE is pleased to partner with Douglas Development on the repositioning of this Class A property in the city of Wilmington,” stated Kaczowka, also a senior vice president. “New ownership has plans for capital improvements that include a state-of-the-art fitness center, a new conference center and upgrades to the main lobby, common areas and restrooms.”
Built in 1987 and designed by Vlastimil Koubek, PNC Bank Center has six levels of parking that can accommodate 555 vehicles, is free standing with windows on all four sides and is convenient to hotels and restaurants.
The building is currently home to law firm tenants that include Eckert Seamans, Fish & Richardson, Drinker Biddle & Reath and Duane Morris.
This acquisition marks Douglas Development’s first property in Delaware.
The company is a fully integrated real estate company that operates office buildings, apartment communities, hotels and high street retail with properties in Washington, DC, Virginia, Maryland, New York, New Jersey and Pennsylvania.
Douglas Development Corporation has retained CBRE as the exclusive leasing agent at the property and has also hired CBRE to manage the building.
Earlier, PNC announced it had signed a long-term lease for space in the building, which serves as its Delaware headquarters.