News
RENEWALS ROCK WILMINGTON
April 5, 2012
| GEICO, Wells Fargo, and law firm Neuberger Berman walk into a bar. The bartender asks, "What can I get you?" They respond, "Renewals!" |
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| Our bad joke aside, the downtown Wilmington cultural district experienced an economic boost last week after all three companies inked five-year renewals at the 919 North Market St corporate tower in Rodney Square. (For 3,500 SF, 6,200 SF, and 5,630 SF, respectively.) The 223k SF building sits just down the street from US Bankruptcy Court and within shouting distance of Wilmington's historic Queen Theatre, which recently underwent a $25M redevelopment. And here's something interesting: After first owning 919 North Market from 2002 to 2005, the Bala Cynwyd-based Keystone Property Group picked up the tower for a second go-round last December to the tune of $22M. |
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| We chatted about the lease extensions with KPG's Greg Hansen, who tells us that while the corporate environment in Wilmington still seems to still be recovering, the city's legal industry has remained as vibrant as ever. Good thing, then, that 919 North Market is a top-tier legal firm-favorite; other tenants include Fox Rothschild , Ballard Spahr, and DLA Piper. "As you can tell," Greg says, "we're delighted to have this building back." |
