MRA Group, a privately-held, regional real estate firm based in Pennsylvania, signed a letter of intent with DuPont to acquire the Chestnut Run Laboratory campus for redevelopment. Financial terms were not announced.
Chestnut Run is located west of Wilmington.
Under the terms of the agreement, DuPont will continue to be a tenant at several lab buildings on the site following the transaction, which is expected to close by the third quarter of 2021.
“After careful review, we are pleased to select MRA Group as the right strategic partner with the best vision and plan to redevelop the Chestnut Run Lab space for entrepreneurial and science-based innovation,” said Jay Valvo, vice president, DuPont Facilities Services & Real Estate. “DuPont will continue to maintain its global headquarters in the Chestnut Run Offices, adjacent to Chestnut Run Labs, and we look forward to creating a long-term presence where our employees use their time, talent and resources to improve our communities in Wilmington and the surrounding New Castle County.”
MRA Group’s initial redevelopment plan includes investing in transforming the site into Delaware’spremier, multi-tenant, life science, chemistry, technology and advanced materials campus.
“We are excited to work with DuPont, the City of Wilmington, County of New Castle and the State of Delaware to reinvigorate the property’s robust history while leveraging Delaware’sentrepreneurial spirit,” said MRA Group’s Executive Vice President, Mike Wojewodka. “It’s our goal to reposition the property into Delaware’s premier innovation destination that will help to attract, retain, and grow businesses here in Delaware. Ultimately, we recognize that our ambitious plans must be aligned with the community’s vision, and as such we are committed to working with leadership officials to ensure what we create in Wilmington will be an asset for generations to come.”
Kurt Foreman of the Delaware Prosperity Partnership (DPP), said, “DPP is pleased that MRA Group is bringing its expertise, resources and passion to our state. Beginning with the iconic site at Chestnut Run, we look forward to seeing a multitude of innovative employers choosing Delaware for their growth plans.”
MRA Group, based in Horsham, PA, is a privately-held, firm servicing the life sciences, health care and higher education sectors.
MRA has more than 4.5 million square feet of medical, life sciences and office real estate under management, and has structured over $1 billion of financing.
Notable development projects include Spring House Innovation Park, the Holy Redeemer Medical Building at 201 Veterans Way, Pennovation Lab at the University of Pennsylvania’s Pennovation Works Campus, TEK Park, Oxford Valley Medical Plaza and the St. Clair Medical Office Building at St. Mary Medical Center. Further information is available at www.mragroup.net.