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JPMorgan Buys Del. Site for $44M

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    NEWSLETTERS

    AP

    JPMorgan Chase has reportedly put under agreement a campus off Concord Pike in Wilmington, Del., for an estimated $44 million, according to people familiar with the deal.

    The financial company is on a bit of a buying spree in Northern Delaware, having bought two buildings last year in downtown Wilmington. It is one of the largest tenants in that market and has mostly leased the space it occupies.

    The company may be shifting that strategy now that an accounting rule is under review that may change the way companies account for leases as a liability on their balance sheets. If that accounting rule does change, it may make more sense for some companies to own the space they occupy rather than lease.

    The property is being sold by AstraZeneca Pharmaceuticals, which is unloading some of its properties. Last summer, it put its South Campus off Concord Pike at Powdermill Road up for sale. Read more about this story on PBJ.com.

    For more breaking business news go to PBJ.com