Wilmington Plaza, a 10-story office building nearly fully
occupied by Capital One Financial Corp., has come on the market.
M&T Bank is selling the 291,645-square-foot building at
301 W. 11th St. in Wilmington, Del. M&T of Buffalo, N.Y., inherited the
property when it finalized a transaction to acquire Wilmington Trust in 2011.
Capital One fills 98 percent of the building.
The structure was constructed in 1997 as one of two
buildings in Wilmington’s Central Business District that had been occupied as
headquarters for what once was Wilmington Trust. Aside from the office
building, the property includes a nearby seven-story parking garage with 477
spaces.
It could sell for as high as $75 million, according to an
estimate. Capital One has a lease on the space until April 2023, giving an
investor an opportunity to buy a centrally located building that will be
occupied on a long-term basis.
JLL is marketing it for sale.
Source: Philadelphia
Business Journal
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