A quiet purchase of two downtown Wilmington office towers by JPMorgan Chase this year is adding some certainty to the city's commercial real estate market.
The News Journal reports Chase completed the purchase March 26 of two buildings the bank had leased for nearly a decade. The deal is estimated to be worth $87 million.
Neal Dangello of the commercial real estate firm Newmark Grubb Knight Frank says the sale gave everyone a big sigh of relief that Chase was committed to staying in the city. Experts said they knew Chase's lease would expire soon and had feared the bank might leave.
“It’s such a huge plus for those of us invested in Wilmington and New Castle County because we don’t have to worry whether they’re committed to staying here, and we know all that space isn’t going to come on the market," said Dangello.
Large commercial office deals have been rare in Delaware since before the recession. Experts say some other large transactions may follow the Chase deal as demand increases.
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