Chemours in talks to buy Bank of America building

Bank of America owns the 10-story building at 1100 King St. 

Sources said if a sale is finalized, Bank of America would move out and relocate workers to its two remaining buildings in the four-building Bracebridge complex adjacent to Rodney Square. One building in the complex, Bracebridge IV, was donated by Bank of America to the Longwood Foundation in 2012 for use as a community education center.

"We don't comment on speculation," said Tony Allen, a Bank of America spokesman. "As a normal business practice across our franchise, we are always looking for opportunities to make the best use of our space." 

Chemours, which has about 1,000 workers in Delaware, released a statement saying its preference is to stay in its current headquarters at the DuPont Building, which it owns and occupies. The company conceded that it is reviewing other possibilities within Wilmington's downtown business corridor.

"We have not made a final decision at this time," the statement said. 

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In August, Chemours announced it would remain in downtown Wilmington, ending months of speculation that it would leave Delaware. Chemours acquired the 13-story DuPont Building as part of a July 2015 spinoff from former parent DuPont.

If Chemours relocates to the Bank of America Building, also known as Bracebridge I, it is not immediately clear what would happen to the DuPont Building. Chemours is the building's only tenant. Buccini/Pollin had applied for state money to purchase the building from Chemours, renovate it and lease it back to the $6 billion chemical company. However, a deal was never consummated. 

Mark Vergnano, Chemours' chief executive officer, reaffirmed in an August interview with The News Journal his preference is to remain in the 108-year-old DuPont Building. But, Vergnano added, the building needed upgrades before it could be viewed as a viable option. He said a final decision would be made by early-to-mid 2017. 

In May, the state approved a $7.9 million grant to Chemours for costs associated with upgrading its headquarters. 

Karen Smith, a spokeswoman for the Delaware Economic Development Office, said the grant would apply to "a headquarters facility in any city of Wilmington location," meaning the funds are not exclusively for renovating the DuPont Building. Chemours has not yet received any funds, according to Smith. 

Chemours is searching for about 200,000 square feet of space, Vergnano said in August. But only two downtown Wilmington office buildings have that much available space. The Brandywine Building at 1000 N. West St. has about 240,000 square feet of open space, and the Hercules Building at 1313 N. Market St. has roughly 200,000 square feet available. More than 200,000 square feet would be available in the Bank of America Building if its namesake tenant moves out.

Chemours is said to have taken a serious look at Hercules Plaza, a 12-story building at 1313 N. Market St., but passed for unknown reasons. Paul McConnell, whose firm McConnell John Real Estate manages Hercules Plaza, confirmed talks with Chemours but said he was unaware if Chemours had made a final decision. 

It is not known if Chemours had talks with the representatives from the Brandywine Building. 

Pete Davisson, a long-time Wilmington commercial real estate broker, said the deal would be a rare, "win-win-win" for all involved parties. Davisson has brokered the sale of Bank of America properties in the past but is not directly involved in the Chemours discussions.

"This is a way for Chemours to get something new and nice; Bank of America to sell that building, which it has wanted to do; and Wilmington wins because all those workers will stay downtown and produce tax revenue," he said. 

Davisson said one hurdle to completing the deal could be finding a buyer for the venerable DuPont building.

"A 2016 or 2017 company does not want a 1913 building," he said. 

The Bank of America Building is certainly more modern, built in 1993 by MBNA. Bank of America picked up the entire interconnected Bracebridge complex in 2005 when it acquired MBNA for $35 billion.

Vergnano said in August a modern, upgraded headquarters would reflect the company's entrepreneurial spirit.

"We have a startup kind of vibe, and that is something we want connected to the way we think of our headquarters," he told The News Journal this summer. 

​Contact Jeff Mordock at (302) 324-2786, on Twitter @JeffMordockTNJ or jmordock@delawareonline.com.