In a noteworthy development for downtown Wilmington, Incyte has decided to sell two prominent office towers at Rodney Square to Buccini Pollin Group (BPG). This strategic move hands control of these long-vacant properties to one of the city’s leading developers, paving the way for future revitalization.
Overview of the Transaction
The deal encompasses Bracebridge I, located at 1100 N. King St., which spans 372,000 square feet and includes 573 parking spaces. Additionally, it includes Bracebridge III at 1100 N. French St., a 145,000-square-foot building featuring 704 parking spaces. Collectively, these properties cover approximately 517,000 square feet and occupy a crucial location that has long been viewed as vital for the downtown area’s future.
Plans for Redevelopment
BPG has announced intentions to transform these sites into mixed-use properties, with a focus on stimulating new residential and commercial activity in Wilmington’s primary business district. However, specific details regarding the redevelopment plans and timeline have not yet been disclosed.
Incyte’s Continued Involvement
Despite the sale, Incyte will maintain a presence at the site. The Delaware-based pharmaceutical company intends to lease around 80,000 square feet across two floors in Bracebridge I, which can accommodate approximately 200 employees. Incyte has also committed to contributing to the redevelopment costs of both buildings, underscoring its ongoing investment in the area.
Historical Context
This announcement marks a significant shift from 2024, when Incyte originally acquired the properties in a high-profile effort to rejuvenate office space that had been vacant since Bank of America’s exit in 2018. This departure had a notable impact on Wilmington’s commercial vacancy rate, prompting state officials to support Incyte’s acquisition with a $14.8 million grant from the Delaware Prosperity Partnership. At that time, the project was anticipated to bring over 400 employees downtown, acting as a catalyst for economic revitalization.
Leadership Commentary
Incyte CEO Bill Meury expressed that partnering with BPG allows the company to concentrate on its core pharmaceutical operations while securing additional workspace for its expanding workforce. Over the past two years, Incyte has added more than 150 employees in Delaware, bringing its total workforce in the state to over 1,000 individuals.
BPG’s Track Record
The responsibility for redevelopment now lies with BPG, a developer with a strong history of major residential and commercial projects throughout downtown Wilmington and along the Riverfront. Their experience in handling complex redevelopment initiatives positions them well to bring fresh life to these properties.
Financial Details
The financial specifics of the sale remain undisclosed, leaving industry observers curious about the terms of this significant transaction.
In conclusion, this property transfer marks a pivotal moment for both Incyte and downtown Wilmington. As BPG prepares to revitalize these critical sites, the collaboration sets the stage for renewed economic activity in the area. The future holds promise for a vibrant mix of residential and commercial opportunities, with Incyte continuing to play a role in the community’s growth.
- Incyte sells two major office towers to Buccini Pollin Group.
- BPG plans to redevelop the properties into mixed-use spaces.
- Incyte will lease part of the space and contribute to redevelopment costs.
- The transaction reflects a shift from Incyte’s earlier revitalization efforts.
- BPG has a strong background in successful redevelopment projects.
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