Amtrak has purchased the Renaissance Center in downtown Wilmington, with plans to accommodate 200 employees in the building.
The sale marks a continuation of owner-occupied building sales in the city. The trend started several years ago with JPMorgan Chase buying the landmark Christiana Gateway complex in downtown.
Financial terms were not immediately disclosed. The passenger railroad, owned by the federal government, employs about 1,000 in Delaware. Amtrak has maintenance, dispatching and other operations in Wilmington.
The building is on the 400 block of King Street near the New Castle County Courthouse.
The Renaissance Centre totals 190,000 square feet, including 155,000 square feet of Class A office space and a 190-space parking facility. The new owner intends to occupy the remaining available space at the building.
The property is within a five-minute walking distance from the Joseph R. Biden Wilmington Train Station and access to I-95 and I-495.
The announcement of the sale was made by JLL, real estate agent for the transaction.
JLL Executive Vice President Jamie Vari and Associate Broker Cindy Fleming handled the transaction on behalf of The Commonwealth Group. Amtrak intends to employ upwards of 200 people at this location.
“Amtrak’s purchase of the Renaissance Centre will take approximately four percent, or 70,000 square feet, of available office space off of the Wilmington CBD market,” said Vari. “Having another major employer like Amtrak commit to its long-term presence in the CBD is great news for the Wilmington market. On the heels of CSC’s purchase of the Pennsylvania Railroad Building and Farmers of Salem’s purchase of One Avenue of the Arts, we believe we’ll see this owner-occupier trend continue due to lease accounting law changes on the horizon, along with the relatively low cost of real estate in Wilmington when compared to neighboring I-95 corridor cities.”