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WILMINGTON, DE-With the US General Services Administration at the helm, the US Bankruptcy Court expands and extends its office space in the Excelsior Building, a 195,000-sf, class A office structure. The new 10-year agreement brings the court’s total space up from 36,000 to 70,000, and expands the lease expiration from 2004 to 2014. Space in the building, according to leasing agent Bellevue Realty Co., rents for about $19.50 per-sf. The Court’s deal is valued at a reported $20 million.

Carrying the address of 824 Market St., the Excelsior building is a 10-story tower that was constructed approximately two decades ago. The Bankruptcy Court has made the building home to its courtrooms and administrative offices since 1994. The Court will now occupy the entire third, fifth and six floors, and it will keep space on the second floor, as well. Kennedy Wilson Properties represented building owner Savannah Teachers Properties in the transaction, while Spaulding & Slye Colliers stood in for the GSA. Excelsior’s tenant roster includes Salomon Smith Barney and law firms Cooch & Taylor and White & Williams.

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