Bank Signs on for Chunk of Space at Chase Manhattan Building

WILMINGTON, DE-Long known as the Chase Manhattan Building, the 260,000-sf office structure at 802 Delaware has welcomed ING Direct to its tenant roster. The savings bank concern has signed a lease to occupy a 110,000-sf space at the two-decade-old office facility. CB Richard Ellis leases space at the property on behalf of owner HRPT Properties Trust for $18.50 per sf.

Located off I-95, the Chase Manhattan Building–so named because it was originally constructed by local developer Delle Donne & Associates Inc. for Chase Manhattan Bank–had sat empty for more than two years due to a series of mergers that resulted in excess space. The lease agreement goes along way in putting a dent in the high vacancy rate in downtown Wilmington, which currently hovers around 10%, according to NAI Commercial Real Estate Services. ING Direct, which will move into its new space in May, already has a presence in the state and plans to expand with the new locale. The company will maintain its headquarters on the waterfront.