Wednesday, February 10, 2016

US Bankruptcy Court Leases 65,000SF in DE

U.S. Bankruptcy Court for the district of Delaware leased 65,941 square foot office at 824 N. Market Street in Wilmington, DE.

The U.S. Bankruptcy Court premises comprise the 3rd, 5th, and 6th floors and a portion of the 2nd floor of the 196,969-square-foot office building, which is owned by NNN 824 North Market Street, LLC. The new 10-year U.S. Bankruptcy Court lease has a gross value of $20.4 million. Although the Courts were an established tenant, due to the scope of the commitment the General Services Administration (GSA) dictated the protocol for a new negotiated lease agreement.

“The quality of the existing highly improved infrastructure and a central location were contributing factors to the Courts decision making. After a thorough evaluation and a partial footprint consolidation, the Courts committed to continued tenancy by a new 10-year lease at 824 N. Market Street.”

The U.S. Bankruptcy Court now occupies approximately 33% of the building. In addition to office tenants, the building’s retail level tenants include local stalwart Brew Ha Ha!, Jimmy John’s Gourmet Sandwiches and a Santander Bank branch.

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