Bank of America to sell two buildings in Wilmington

February 25, 2017 by  

Bank of America currently has three office buildings in downtown Wilmington, but put two of them up for sale on February 15.

Bracebridge I, on North King Street, and Bracebridge III, on North French Street, are now on the market. The bank will keep Bracebridge II, located at 1020 North French Street, and bring all its Wilmington employees together there.

Bank spokesman Tony Allen said the sale is not because of changes the bank has made in its staffing, or ones it could make in the future. Rather, he says, BofA remains committed to Wilmington and the State of Delaware, but has been experiencing some problems with occupancy of its downtown properties.

Mike Purzycki, Wilmington’s mayor, says he does not think the potential sales of the building in any way compromises BofA’s commitment to the city, but is purely a business decision. He reiterates that the city is looking forward to continuing its relationship with the institution.

Although the bank does not provide employment figures, it is believed that the complex comprising the three buildings, which spans about 755,000 square feet of space, is roughly half empty. Allen said all the employees would not be consolidated until the sales is finalized. The buildings could be sold individually, or sold to two different buyers.

Efforts like this can benefit if officials work with brochure printers, which can create illustrated booklets showing the amenities of the properties.