"'This is the only class A plus building in the market," Buccini says. "There are some As and A minuses, but none are new as nothing has been built like this in Wilmington for the last 20 years."

The firm will also be announcing plans to build two 150,000 sf office buildings on the waterfront at next week's groundbreaking of Justison Landing. The largest economic development project here will also include 700 condos, townhouses and apartments and 75,000 sf of retail space. The two office buildings can be joined together if necessary, Buccini says. The Buccini/Pollin Group Inc. is a privately held real estate acquisition, development and management company with offices here, in Washington, DC and New York City.

Wilmington's office market has been steadily growing for the last two years, Buccini says. "Office vacancies rose from 2% in 2000 to 20% in 2004. Now we are back to 12%." There has been "an incredible amount" of construction, he adds, but much of it is already preleased. As a result, rents, especially for class A market space, has been steadily rising. In recent months, class A rents topped $32 per sf--which is now the going rate for 500 Delaware Ave., Buccini says.