Friday, November 15, 2019

Douglas Development Corp. Enters Delaware Market With Acquisition of PNC Bank Center

Washington, D.C.-based Douglas Development Corp. has purchased PNC Bank Center in Wilmington, Delaware, from AIG Global Asset Management for $24 million, or about $83 per square foot.

The transaction marks Douglas Development Corp.’s first acquisition in Delaware.

Designed by Vlastimil Koubek, the 289,303-square-foot building at 222 Delaware Ave. was completed in 1987. Major law firm tenants in the 18-story tower include Eckert Seamans, Fish & Richardson, Drinker Biddle & Reath and Duane Morris, among others.

The building is in close proximity to the I-95 corridor and located in an area where there is a lot of activity and redevelopment occurring, namely the redevelopment of the DuPont Building which includes DECO, a contemporary food hall.

The seller, which originally purchased the property in December 2017 when the facility was 63% occupied.

"New ownership has plans for capital improvements that include a state-of-the-art fitness center, a new conference center and upgrades to the main lobby, common areas and restrooms."

According to its website, Douglas Development Corp.’s portfolio includes more than 10 million leaseable square feet and over 5 million square feet of developable real estate in the pipeline.

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