Hulking Wilmington Office Slated For Resi Conversion Following Life Sciences Firm's Exit
Wilmington officials and real estate players celebrated in spring 2024 when Incyte purchased 500K SF of the Bracebridge office complex that dominates the north side of the city’s downtown.
The life sciences firm was working to renovate the property, but with construction only partially complete, the company last week sold the property to Buccini Pollin Group.
The new owner is now plotting a partial residential conversion.
Buccini Pollin principal Robert Buccini shared early details of the plan Thursday during Bisnow’s Delaware State of the Market event at BPG’s 221 W. Tenth mixed-use property.
“We will do residential on the upper portion of the project, and then the lower portion will be office and retail,” he said. “It’s somewhat fortress-like, so we will soften the facades, we will make the retail on the ground floor approachable.”
BPG’s goal is to transform what was once a cloistered corporate office complex into a more integral part of the surrounding neighborhood, Buccini said. He expects the work to be complete by the end of 2027.
Incyte has still committed to leasing 80K SF at the project once it is complete.
Buccini expects the neighborhood to get another boost when Widener University’s Delaware Law School moves its campus downtown. It reportedly may take the Bracebridge II space at 1020 N. French St.
“You’ll have a thousand-plus people between students and professors there,” he said.
The shell of an addition has been erected over the 372K SF Bracebridge I building at 1100 N. King St. A crane and scaffolding were still up when Bisnow visited Thursday.
BPG’s purchase also includes the 145K SF Bracebridge III structure about a block away at 1100 N. French St.
Incyte received nearly $15M worth of state incentives for the project. It isn't clear if those will be passed on to BPG.
An Incyte spokesperson told Bisnow Friday the company is working with the city and state “to determine how to reconcile the incentives given the new plans for these properties.”
“In looking at the economics of the renovation against our current space needs and business priorities, it became clear that partnering with a developer to complete the project was the right path forward,” the spokesperson said in an emailed statement. “We worked hard to find a solution that we believe will work well for the city and the state. BPG is an experienced and trusted developer with deep knowledge and commitment to Wilmington and Delaware.”
Potter Anderson & Corroon partner Joy Barrist, who said Incyte is a client of hers, discussed the sale to BPG at Bisnow's Thursday event.
“The decision to not take the whole building was not a ding to Wilmington,” she said. “They’re not taking those jobs and going somewhere else with them. It was just a look at the business plan going forward.”
Buccini said BPG is likely better equipped to handle a $100M construction project than the pharmaceutical firm.
“Having somebody that does this every day can be helpful,” he said. “Incyte is really in the business of curing cancer.”
Buccini added that the company has created dozens of jobs at its existing headquarters just outside Wilmington. He said the company will create new positions at Bracebridge, although they may not reach the 450 jobs it initially committed to.
Bracebridge I and III were completed in 1995 and 1997, respectively, according to past marketing materials from CBRE.
The complex originally served as the headquarters for credit card company MBNA. The firm vacated the space when it was acquired by Bank of America in 2006.
UPDATE, FEB. 20, 3:45 P.M. ET: This story has been updated with a statement from Incyte.
