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NEWARK-The Buccini/Pollin Group has acquired the Crozier Center here from Bank of America. The firm has invested significantly along the Wilmington waterfront. With the Crozier Center under its belt, the firm has expanded its office footprint in the state to include southern New Castle County. Sale price was undisclosed.

Originally constructed for MBNA, the Crozier Center is a 453,000-sf complex consisting of six interconnected office buildings, a conference center and a parking deck. The Buccini/Pollin Group will complete $5 million in renovations and then rename the property as Iron Hill Corporate Center. Bank of America will remain in one building in the complex, leasing 85,000-sf; the remaining 368,000-sf will be the largest block of space in the county. Buccini/Pollin Group was unable to respond to GlobeSt.com queries by deadline.

Christopher Buccini, a managing partner of the Buccini/Pollin Group says that the company had been looking to move into the Newark office market for years. “The Crozier Center presented a unique opportunity for class A office space in a premier location,” he says. “Its sheer size with the innovative interconnected six-building design, dedicated parking, conference center and numerous other amenities not only make it unique to the region but also provide a variety of options for tenants.”

CB Richard Ellis represented Bank of America in the sale. Steve Marzullo, SVP of the Investment Properties Group in the Greater Philadelphia Region and Bruce Strasburg, EVP of the Investment Properties Group in the Mid-Atlantic Region, worked with CBRE’s Bank of America Account Team in the negotiation of the sale and leaseback of the property. CBRE’s Delaware Office Team, including Dan Reeder, John Kaczowka and Brian Hopkins, assisted in the sale and will represent the Buccini/Pollin Group as the exclusive leasing agent.

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