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Deals & Dealmakers

Douglas Development Leases Nearly 45,000 Square Feet of Office Space at its Class-A Building, PNC Bank Center in Wilmington, Delaware

 Douglas Development, a real estate development firm in the Washington D.C. Metropolitan area, today announces they have closed on three leases at its Class-A, 18-story office development, PNC Bank Center, located at 222 Delaware Avenue in Wilmington, DE.

The leases, which total nearly 45,000 square feet include three law firms:

–        Barnes & Thornburg, a full-service national business law firm providing legal advice in litigation, intellectual property, labor and employment, government services and finance, healthcare, real estate, environmental, corporate and restructuring and insolvency, signed a lease for the 12th floor totaling 24,180 square feet; and

–        Greenberg Traurig, an international law firm, which signed a lease for the 16th floor totaling 13,477 square feet; and

–        Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, signed a lease for the 15th floor totaling 5,970 square feet.

CBRE Senior Vice President John Kaczowka represented Douglas Development during the lease negotiations while Bobby Blair, Senior Managing Director and Blaise Fletcher, Managing Director of JLL handled Barnes & Thornburg; Michael Shuler, Executive Managing Director and Wills Elliman, Senior Managing Director of Newmark handled Greenberg Traurig and Labaton Sucharow represented themselves directly in the lease negotiation. 

“Having only acquired the property just prior to the onset of COVID in Q4 2019, we are happy to see the continued leasing velocity the CBRE team has brought to 222 Delaware,” stated Norman Jemal, managing principal of Douglas Development. “With the capital upgrades made, including a state-of-the-art fitness center, a new conference center and upgrades to the main lobby, common areas and restrooms, we are confident we will only continue to see more leases made with companies eager to get back to an office environment.”

All tenants are expected to occupy their new office space during the second and third quarters of this year, 2022.

“Demand from law firms continues to be strong as they seek to relocate from older outdated spaces to new, modern spaces that helps attract and retain employees,” said Kaczowka. “222 Delaware Avenue completed a major renovation that includes new ‘tenant only’ fitness and conference facilities along with upgraded elevators, lobbies and restrooms.”

Built in 1987 and renovated in 2021 after Douglas’ acquisition, PNC Bank Center is a Class A, 273,374-square-foot, high-rise office building located in the heart of downtown Wilmington and conveniently located to I-95 and the Wilmington Amtrak Station and is 25 miles from the Philadelphia Airport making it an ideal location for businesses and commuters. It provides an abundance of amenities within the building and includes six levels of parking (highest parking ratio in the market) some of the other tenants including Wilson Sonsini Goodrich & Rosati, Eckert Seamans, Polsinelli, Fish & Richardson and Drinker, Biddle & Reath, just to name a few.

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