Properties

919 and 1105 Market Street

This was Keystone's first portfolio assemblage of high rise office buildings located on Rodney Square in Wilmington, DE. Both buildings were under capitalized and in need of major redevelopment and capital improvements. 919 Market was 92% leased at acquisition, with marquis tenants such as Mellon Bank and Morgan Stanley. 1105 Market, a 22-story high-rise designed by renowned architect I.M. Pei, was 30% leased at acquisition with rents 40% below market. At the 919 building, Keystone redeveloped the exterior façade, lobbies and bathrooms while upgrading the mechanical systems, including elevators. For the 1105 building, Keystone completely revamped the interior and exterior, restoring this landmark building and repositioning it into a higher asset class. We also consolidated multi-tenant floors to allow for full-floor and large-block tenants. Then Senator Joseph Biden, Citizens Bank, Morgan Stanley and HSBC Bank were notable tenants. The portfolio was sold to a Washington DC REIT.

Overview

Address: 919 and 1105 Market Street
Wilmington, DE
Area: 919 Market: 223,847 SF
1105 Market: 173,251 SF
Acquisition Date: 919 Market: February 6, 2002
1105 Market: October 22, 2003
Sale Date: April 2005