Located at 1201 Market St., the class A building also offers 16,000 sf of retail space and it once held the title of Wilmington's tallest building. That distinction was taken away with the development of the 23-story Hercules Tower, just down the street at 910 Market. J. P. Morgan Chase & Co.. occupies approximately 42% of the building and holds a long-term lease on its space. Merrill Lynch and the U.S. Attorney's Office are also tenants. Prior to Lend Lease's acquisition of the property, an Atlanta-based division of the United Parcel Service called UPS Properties, owned the edifice until it tapped the Chicago office of LaSalle Partners to market it. At one time during its existence, the structure was known as the Chemical Bank Plaza.

Paul McDonnell of commercial-industrial real estate developer McConnell Development Inc. and real estate veteran Scott Johnson, who was part of the successful leasing of the Chase building for Lend Lease, formed McConnell-Johnson two years ago. McConnell Development is Chase's original developer. If all goes as planned, the team will end up paying approximately $186 per sf for the building. When contacted by GlobeSt.com, Lend Lease had no comment on the deal.