Downtown Wilmington Office Building Changes Hands
- May 13, 2020
Chopp Holdings has acquired 824 North Market Street, a 207,000-square-foot office building in downtown Wilmington, Del. According to Yardi Matrix data, FM Capital sold the Class A property after almost four years of ownership.
The 10-story building at 824 N. Market St. sits directly across from Wilmington’s U.S. District Courthouse. The 1982-built property has 22,000-square-foot floorplates and 10,000 square feet of ground-floor retail, Yardi Matrix shows. The U.S. Bankruptcy Court, which occupies 65,941 square feet, is the anchor tenant at the building. According to CBRE, the building was 67 percent leased at the time of sale.
Situated in the heart of Wilmington’s central business district, 824 North Market Street is close to public transportation and is within walking distance of the historic DuPont building, recipient of a recent $3.9 million financing for energy-efficient upgrades.
CBRE represented the seller and procured the buyer in the deal. A CBRE team of Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran marketed the building on behalf of FM Capital. The same team was also involved in the sale of two Wilmington office assets totaling more than 366,000 square feet.