"There has been quite a bit of activity in the CBD but not all the deals are crossing the finish line," Cindy Fleming, one of the Jackson Cross brokers that worked on the deal, tells GlobeSt.com. "Tenants are being cautious and taking their time to close transactions." Besides Fleming, Pete Davisson and Keith O'Brien represented the building owner in the transaction. McConnell Johnson represented the tenant.
American Life will be occupying the Renaissance Centre, an eight-story, class A office at 405 N. King St. in the city's Lower Market Design District. The 194,000-sf building, which was developed in 2007 by the Commonwealth Group, has about 100,000 sf left to lease. Suites are available from 1,500 sf up to full floors of 23,715 sf, Davisson says in a prepared statement.
McCarter & English also occupies space in the building, which has an asking rate of $28.50, according to its website. American Life Insurance Co. will occupy the entire fifth floor and half of the fourth floor. Other features of the building include a two-story lobby and a 190-car parking garage. It encompasses most of the block bounded by Fourth, Fifth, King and Market streets.
The market may be experiencing a slowdown; however, Wilmington remains a market of interest for developers and brokers. A recently formed marketing partnership between Buccini/Pollin Group and Brandywine Fine Properties Sotheby's International Realty, for instance, is focusing on introducing Delaware--with a particular emphasis on Wilmington's Riverfront--to new investors.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
