SEPTEMBER 2004
Shoring Up Investment (cover)
Along the Shore
Serious Bridge Work
Coastal Virginia the Ultimate Point of Entry
Wilmington HQ Focal Point for MBNA, Others
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MID-ATLANTIC STATES
Wilmington HQ
Focal Point for MBNA, Others
Focal Point for MBNA, Others
Delaware is overcoming layoffs from DuPont and GM with major projects from the likes of MBNA Corp., based in Wilmington, and AAA Mid-Atlantic, which is making Wilmington its base in a move from Philadelphia.
MBNA, in the midst of a re-evaluation of its real estate holdings, has halted work on an $84-million office project in Wilmington, where the company employs about 3,000 people. But it's going ahead with the $31.8-million renovation of a
courthouse for its executive offices. The company also has campuses in Dover, Newark and Greenville, Del., which house the balance of the company's 10,500 Delaware employees. All in all, the company occupies about 3 million sq. ft. (278,700 sq. m.) of space in Delaware.
AAA is moving its regional HQ into a 157,000-sq.-ft. (14,585-sq.-m.) build-to-suit under a 15-year lease agreement, part of a package of transactions totaling almost 500,000 sq. ft. (46,450 sq. m.) handled for AAA by New Jersey-based corporate real estate services firm Studley.
"In order to secure AAA as a tenant, Studley worked with state and local agencies, as well as local developers, to facilitate a land swap so that AAA could locate its building along the river rather than across the street from it, which was the original, less desirable building site," said Philip Lipper, managing director of Studley's New Jersey office, in a July 2004 release.
Two separate AAA leases, also 15 years in duration, were negotiated for operations totaling 81,000 sq. ft. (7,525 sq. m.) in Newark, Del. That space, within a complex leased by Computer Sciences Corp., was going unused, so a lease buyout was arranged that allowed AAA to negotiate with building owner Brandywine Realty Trust. SITE
Big things are happening outside D.C., where the $2.43-billion Woodrow Wilson Bridge rehab project exemplifies true regional collaboration.
MBNA, in the midst of a re-evaluation of its real estate holdings, has halted work on an $84-million office project in Wilmington, where the company employs about 3,000 people. But it's going ahead with the $31.8-million renovation of a
Maryland Dept. of Business and Economic Development br> www.choosemaryland.org Virginia Economic Development Partnership Woodrow Wilson Bridge Project Greater Washington Initiative Delaware Economic Development |
AAA is moving its regional HQ into a 157,000-sq.-ft. (14,585-sq.-m.) build-to-suit under a 15-year lease agreement, part of a package of transactions totaling almost 500,000 sq. ft. (46,450 sq. m.) handled for AAA by New Jersey-based corporate real estate services firm Studley.
"In order to secure AAA as a tenant, Studley worked with state and local agencies, as well as local developers, to facilitate a land swap so that AAA could locate its building along the river rather than across the street from it, which was the original, less desirable building site," said Philip Lipper, managing director of Studley's New Jersey office, in a July 2004 release.
Two separate AAA leases, also 15 years in duration, were negotiated for operations totaling 81,000 sq. ft. (7,525 sq. m.) in Newark, Del. That space, within a complex leased by Computer Sciences Corp., was going unused, so a lease buyout was arranged that allowed AAA to negotiate with building owner Brandywine Realty Trust. SITE
Big things are happening outside D.C., where the $2.43-billion Woodrow Wilson Bridge rehab project exemplifies true regional collaboration.