The Buccini/Pollin Group report the execution of nearly one million square feet and $300 million in lease transactions.
BPG executed over 75 new and renewal deals, representing stability across its commercial portfolio despite uncertainty in the market. In Delaware, BPG leased 459,000 square feet with a lease value over $85 million.
Transactions include the following:
- Marlette Funding LLC, owner and operator of the Best Egg consumer lending platform, signed a 10-year lease at The Concord in New Castle County. The lease kicked off construction of a new 60,000 square foot office building in the redeveloped mixed-use community. Marlette will occupy the entirety of the 3-story building, making the fintech company the latest anchor tenant in the office park.
- Cigna (58,516 square feet) renewed its lease at Bellevue Corporate Center in North Wilmington, DE.
- Delaware Claims Processing (67,000 square feet) signed a new lease in the Brandywine Building in Downtown Wilmington, DE, and Citicorp Banking Corporation (68,778 square feet) renewed its lease. BPG is renovating the lobby to introduce new amenities to the building, such as a grab-and-go café, conference center, and co-working space.
- SSM Industries leased 80,000 square feet of industrial space at 322 A Street, Wilmington.
- Taghleaf Industries (14,000 square feet) signed a new lease at Iron Hill Corporate Center in Newark, DE.
Chris Buccini, the co-president and co-founder of The Buccini/Pollin Group, remains confident about the Pennsylvania and Delaware real estate markets’ strength despite the challenges presented by COVID-19.
“While market activity stalled across the industry in 2020, our Greater Philadelphia commercial portfolio experience increased occupancy and enhanced credit,” said Buccini. “BPG’s incredible year of leasing indicates that our tenant base does not see working from home as the long-term solution. We are eager for tenants to return to the workplace in full capacity, and we’ve intentionally paved the way for them to bring employees back safely and successfully.”
The company welcomed all 110 associates back to the Wilmington headquarters in June 2020 after establishing the BPG At Work plan, which serves as a tested blueprint for all tenants re-entering their offices.
For leasing opportunities, please contact Jeffrey Gannett at (302) 691-4067 or email jgannett@bpgroup.net.
