Delaware Public Media

Chemours sells DuPont Building to Buccini/Pollin, but will stay as tenant

Jan 9, 2017

Chemours will stay in its current downtown Wilmington home.

Wilmington-based chemical company says it’s agreed to sell the historic DuPont Building that serves as its headquarters to the Buccini/Pollin Group.   Chemours will lease space back as a long-term tenant and Buccini/Pollin will redevelop the building.

The sale price and terms of the lease, including its length, were not available.

The News Journal reports the Hotel du Pont, which is part of the building, but owned by DuPont, is not part of the sale.

Outgoing Governor Markell, said: "This is the best outcome we could have hoped for after learning that Chemours would be staying in Delaware for the long-term. It is fitting that the company, an independent entity that was formerly a portion of DuPont, should be a part of the plans to redesign the iconic DuPont Building into a new and modern facility in the heart of downtown Wilmington. - See more at: https://investors.chemours.com/investor-relations/investor-news/press-release-details/2017/Chemours-Announces-Intent-to-Sell-Historic-DuPont-Building-to-The-BucciniPollin-Group-and-Permanently-Locate-Its-Global-Headquarters-in-Downtown-Wilmington-Delaware/default.aspx#sthash.zSKerCUB.dpuf

"This is the best outcome we could have hoped for after learning that Chemours would be staying in Delaware for the long-term," said Gov. Jack Markell in a statement.  "It is fitting that the company, an independent entity that was formerly a portion of DuPont, should be a part of the plans to redesign the iconic DuPont Building into a new and modern facility in the heart of downtown Wilmington."

Chemours announced in August it would stay in Wilmington – with the help of an 8 million dollar incentive package from the State of Delaware - but was considering other options in town for its headquarters.

We evaluated a number of locations against a range of criteria, including convenience of our current employees, our future workforce needs, and the fiscal impact on the company. Ultimately, our decision to stay in our current building satisfied all of those considerations," said Chemours President and CEO Mark Vergnano in a statement.  "And we are very excited to be working with BPG to create a modern office environment that will be a reflection of our corporate brand."

Chemours President and CEO Mark Vergnano.  "We evaluated a number of locations against a range of criteria, including convenience of our current employees, our future workforce needs, and the fiscal impact on the company. Ultimately, our decision to stay in our current building satisfied all of those considerations.  And we are very excited to be working with BPG to create a modern office environment that will be a reflection of our corporate brand."  - See more at: https://investors.chemours.com/investor-relations/investor-news/press-release-details/2017/Chemours-Announces-Intent-to-Sell-Historic-DuPont-Building-to-The-BucciniPollin-Group-and-Permanently-Locate-Its-Global-Headquarters-in-Downtown-Wilmington-Delaware/default.aspx#sthash.zSKerCUB.dpufChemours President and CEO Mark Vergnano.  "We evaluated a number of locations against a range of criteria, including convenience of our current employees, our future workforce needs, and the fiscal impact on the company. Ultimately, our decision to stay in our current building satisfied all of those considerations.  And we are very excited to be working with BPG to create a modern office environment that will be a reflection of our corporate brand."  - See more at: https://investors.chemours.com/investor-relations/investor-news/press-release-details/2017/Chemours-Announces-Intent-to-Sell-Historic-DuPont-Building-to-The-BucciniPollin-Group-and-Permanently-Locate-Its-Global-Headquarters-in-Downtown-Wilmington-Delaware/default.aspx#sthash.zSKerCUB.dpuf

Chemours’ headquarters is home to 700 jobs, bringing significant tax revenue to the city and state.

The redevelopment of the DuPont building by Buccini/Pollin is also expected to generate construction jobs short-term and possibly other jobs as the developer eyes converting the building into a mixed-use space.

"Our team is very excited to be partnering with Chemours in its endeavor to remain in the great city of Wilmington and in the building that is so much a part of its heritage," said Chris Buccini, Co-President and Founder of The Buccini/Pollin Group, in a statement.  "We look forward to playing a significant role in designing a headquarters that is suited for the company now and into the future."

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