Wilmington office buildings for sale as ‘prime' repositioning or redevelopment opportunity
BNY Mellon plans to lease back one of its four-story office buildings while the other could be repositioned or redeveloped.
Bank of New York Mellon sells two four-story buildings of offices and a historic house on the 17,8-acre Bellevue Corporate Center Campus in Wilmington.
The three buildings located at 103 Bellevue Parkway, 301 Bellevue Parkway and 201 Bellevue Parkway cover a total of 218,000 square foot. Bank of New York Mellon owns the three buildings. According to JLL's listing, the bank plans to lease one of the office buildings back. A buyer would be able to acquire a fully leased building, a fully vacant building, and the mansion which is used as amenity space.
According to JLL's listing, the vacant buildings represent a "prime opportunity for repositioning and redevelopment."
The building was constructed in 1987, and is located between I-495 and I-95 on the east and west. Nearby offices are occupied by companies such as health insurance provider Cigna and investment firm BlackRock.
The listing highlights the ability to accommodate large groups of users, as well as its desirable location due to its proximity to transportation and employment centers.
According to CoStar, the North New Castle County submarket office had 628.944 square foot and a 9.8% rate of vacancy in the first quarter this year. The 19th lowest vacancy rate out of 37 submarkets within the Philadelphia region.
Comparatively, the Wilmington Central Business District has 2.1 million square foot of office space with a 14.7% rate of vacancy, the highest among all 37 submarkets.