Patterson-Woods Commercial Properties/CORFAC International Completes $20.4 Million Lease With US Bankruptcy Court in Delaware
Wilmington, DE (February 9, 2016) – Patterson-Woods Commercial Properties/CORFAC International, a leading full-service commercial real estate provider serving the Mid-Atlantic market, today disclosed the completion of a new 65,941 square foot office lease for the U.S. Bankruptcy Court for the district of Delaware at 824 N. Market Street in Wilmington, DE.
The U.S. Bankruptcy Court premises comprise the 3rd, 5th, and 6th floors and a portion of the 2nd floor of the 196,969-square-foot office building, which is owned by NNN 824 North Market Street, LLC. The new 10-year U.S. Bankruptcy Court lease has a gross value of $20.4 million. Although the Courts were an established tenant, due to the scope of the commitment the General Services Administration (GSA) dictated the protocol for a new negotiated lease agreement.
Bart Mackey, Principal at Patterson-Woods, represented the landlord and negotiated directly with the General Services Administration, the Courts’ representative, in the lease transaction. There were no other brokers involved in the transaction.
“The quality of the existing highly improved infrastructure and a central location were contributing factors to the Courts decision making,” said Mackey. “After a thorough evaluation and a partial footprint consolidation, the Courts committed to continued tenancy by a new 10-year lease at 824 N. Market Street.”
The U.S. Bankruptcy Court now occupies approximately 33% of the building. In addition to office tenants, the building’s retail level tenants include local stalwart Brew Ha Ha!, Jimmy John’s Gourmet Sandwiches and a Santander Bank branch.
About Patterson-Woods Commercial Properties/CORFAC International:
Patterson-Woods Commercial Properties/CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets. We have been providing the most complete selection of commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 50 years. Patterson-Woods Commercial Properties is a second generation company well known for facilitating solutions to the needs of the business community and developers of real property. For more information on Patterson-Woods/CORFAC International, contact the company's Wilmington, Delaware headquarters at 302-622-3500 or visit www.pattersonwoods.com
About CORFAC International
CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. CORFAC has 49 offices in the U.S., 7 in Canada and 25 offices internationally. Founded in 1989, CORFAC firms completed (in 2014) more than 10,000 lease and sales transactions totaling 400 million square feet of space valued in excess of $7.4 billion. For more information on the CORFAC network, call the Chicago headquarters at 224.257.4400 or visit www.corfac.com.