The Chemours Company (NYSE: CC) has entered a sale agreement to divest its historic DuPont Building at 1007 N. Market St. in Wilmington, DE to The Buccini/Pollin Group, Inc. (BPG).
BPG, a privately held, full-service real estate acquisition, development, and management company, is expected to renovate the building into a world-class headquarters building then lease back the property to Chemours, which will maintain its presence, and 700 employees, in downtown Wilmington.
Chemours was previously a division of DuPont Co., but spun off as its own independent company in 2015. It had occupied space in the building as DuPont prior to the split.
"We followed a disciplined process deciding where to locate our headquarters," said Mark Vergano, president and CEO of Chemours. "We evaluated a number of locations against a range of criteria, including convenience of our current employees, our future workforce needs, and the fiscal impact on the company. Ultimately, our decision to stay in our current building satisfied all of those considerations. And we are very excited to be working with BPG to create a modern office environment that will be a reflection of our corporate brand."
The deal is expected to close in the first quarter of 2017, subject to customary conditions, with renovations beginning shortly thereafter.