Douglas Development Acquires First Delaware Asset
The firm has purchased the 289,303-square-foot PNC Bank Center in downtown Wilmington.
WILMINGTON, DE – CBRE has announced the acquisition of the PNC Bank Center in Wilmington, Delaware by Douglas Development Corporation.
The Washington DC-based firm purchased the 289,303-square-foot, class-A office property, which was designed by renowned architect, Vlastimil Koubek in 1987. Located at 222 Delaware Avenue, the center is situated in city’s downtown neighborhood.
The free-standing property features six levels of parking, which can accommodate 555 vehicles. The office building is currently occupied by various law firm tenants, including Eckert Seamans, Fish & Richardson, Drinker Biddle & Reath and Duane Morris.
Douglas Development intends to implement capital improvements on the property, which include a state-of-the-art fitness center, a new conference center and upgrades to the lobby, common areas and restrooms.
The transaction serves as Douglas Development’s first investment in Delaware.
CBRE’s capital markets team of Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran represented the seller in the marketing of the property and the sale negotiations. John Kaczowka and Brian Hopkins of CBRE also assisted with the sale. CBRE has additionally been retained as the exclusive leasing agent and manager of the acquired building.
Douglas Development is fully-integrated, private real estate firm that operates properties across office, multifamily, hospitality and retail sectors throughout Virginia, Maryland, New York, New Jersey and Pennsylvania.
CBRE Group Inc., a Fortune 500 company, is one of the largest commercial real estate services and investment firms. With more than 90,000 employees the company offers a wide range of integrated services from more than 480 offices.