Keystone Property Group Acquires 919 North Market Street in Wilmington, Del. For $22 Million
Company Will Execute Upgrades and Lease-Up for Strategically Located Office Building
Keystone Property Group, a leading real estate developer, manager and investor of office and industrial properties, announced today that it has bought back 919 North Market Street, an 18-story, 221,686-square-foot office building in the Wilmington, Del. downtown central business district. Keystone, which owned the site from 2002 through 2005, purchased the building from the current receivership estate for $22 million.
The transaction continues Keystone’s strategy of acquiring well-positioned assets in key markets. Originally constructed in 1966, 919 North Market Street was renovated in 1991/1992 and again in 2004/2005. Keystone plans to initiate common-area upgrades to areas of the building that are outdated such as the elevators, restrooms and corridors. Additionally, Keystone will embark upon an intensive leasing campaign for the property.
“As a former owner of the property, Keystone is in a unique position to quickly step in as the new owner and strategically upgrade this property in order to dramatically change the direction of leasing,” said Bill Glazer, President of Keystone Property Group. “During Keystone’s ownership, the property’s occupancy maintained an average in excess of 90 percent, which has since fallen over the past 18 to 24 months to approximately 80 percent. Our strong expertise in revitalizing properties that are well located but in need of modernization will benefit this building and enable it to meet the needs of today’s modern companies.”
The property features a prime location on the southwest corner of Rodney Square, directly across from the DuPont Hotel. As the closest Class A asset to the U.S. Bankruptcy Court, it is a preferred location for law firms. Currently, there are eleven on the tenant list.
Located at the core of Wilmington’s cultural district, the building is only steps away from the Grand Opera House, the Baby Grand, DuPont Playhouse Theatre and the historical Queen Theatre and World Café Live. The building is also within close proximity to both I-95 and public transportation via the Wilmington Amtrak Station. The Philadelphia International and New Castle County airports are within a 20-minute drive.
Wilmington is referred to as the “corporate capital” of the world. More than 50 percent of Fortune 500 companies call the city their corporate home due to a beneficial tax structure and friendly business environment.
About Keystone Property Group
Keystone Property Group is a leading real estate investor and developer, with offices located in Bala Cynwyd, Pa.; Chicago, Ill.; Miami, Fla.; and New York, NY. Keystone also sponsors and manages a series of opportunistic real estate investment funds. Keystone creates value for its investors through development, redevelopment, financing, leasing, property management and asset management. The company has been recognized by Inc. 500 magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center, and several of its projects have earned “Best Real Estate Awards” from the Philadelphia Business Journal and BOMA (Chicago). For more information, please visit www.keystonepropertygroup.com.