Sale of Wilmington’s Bracebridge I and III Lauded in PBJ Best Real Estate Deals of 2024 Competition
Bracebridge I building at the corner of King and 11th streets in downtown Wilmington, Del. Photo: CBRE.
Incyte purchase, Potter Anderson lease extension cited as two of last year’s top office space transactions in region
March 31, 2025
The Philadelphia Business Journal has cited the sale of two downtown Wilmington office buildings, which is part of Incyte’s Delaware Prosperity Partnership-supported plan to retain and expand operations in Wilmington, as one of the region’s most significant real estate transactions for 2024. PBJ ranked the sale of the Bracebridge I and III buildings – which are located at 1100 N. King St. and 1100 N. French St. – second in the Office Sale Category of its “Best Real Estate Deals of 2024” competition.
As the publication noted, “Wilmington-based biopharmaceutical company Incyte purchased two former bank buildings, known as Bracebridge I and Bracebridge III, last May for $47.5 million. The vacant buildings, both in downtown Wilmington, combine for 517,308 square feet and nearly double the company’s Wilmington office footprint. Incyte plans to completely renovate them and house its corporate staff there. The project is planned to accommodate 300 relocated employees from Chadds Ford and provide space to add more than 500 new positions. As a result of the sale, Class A office vacancy in Wilmington dropped by about 10%, according to CBRE.”
A rendering of Potter Anderson & Corroon’s updated space. Photo: Potter Anderson & Corroon.
PBJ also noted that the seller was Capital Commercial Investments and the brokers were CBRE’s John Kaczowka and Brian Hopkins representing Capital Commercial Investments and JLL’s Ron Cariola and Jamie Vari representing Incyte, and that Potter Anderson & Corroon lawyer Joy Barrist represented Incyte in the deal.
The other Delaware placement in the competition was third place in the Office Lease Category for Potter Anderson’s lease extension on North Market Street, also in downtown Wilmington.
As the publication noted, “In August, Delaware’s oldest law firm signed a lease extension for 82,757 square feet at 1313 N. Market St. in Wilmington, showing a commitment to the city’s downtown through 2041. The firm chose to renew four years in advance of its lease expiration, underscoring its commitment. As part of the deal, Potter Anderson & Corroon plans to substantially renovate its space. The upgrades will include a new suite for visiting trial teams and are expected to be completed in 2026, when the firm marks its 200th anniversary. The lease extension will keep the firm in the same offices it has had since 1997, where it occupies the sixth and seventh floors, making it the building’s largest tenant.”
PBJ also noted that the landlord is 1313 Owner LLC and that the brokers were JLL’s Jamie Vari representing Potter Anderson and Johnson Commercial Real Estate’s Scott Johnson representing 1313 Owner LLC.
The significance of Incyte’s plan also was acknowledged by a leading publication for corporate site selectors and economic development professionals this year. In January, Business Facilities magazine honored the deal with a 2024 Deal of the Year Impact Award in the Corporate Headquarters Category.