The sprawling campus of Chestnut Run Innovation and Science Park, spread over 164 acres in suburban Wilmington, Delaware, had all the attributes investor MRA Group was seeking: major expansion potential, a significant anchor tenant and a healthy inventory of lab space.
The site was part of a larger, 225-acre campus that served as DuPont's corporate headquarters until the global chemical powerhouse began consolidating and paring its real estate needs. In 2019, it sliced off part of the headquarters campus, which became the innovation and science park. Of the roughly 800,000 square feet at the site, DuPont stayed in just 190,000, leaving the park about 75% vacant.
“We had been looking for years for a large acquisition in Northern Delaware," said MRA Executive Vice President Mike Wojewodka. "When this came on the market we were very excited.”
MRA, based in Horsham, Pennsylvania, closed the $40 million deal in November.
Why it matters: Nicknamed Crisp, the development is close to transport infrastructure in a location less than an hour from downtown Philadelphia. DuPont's global headquarters is adjacent to the complex.
The complex was delivered 70% built out as lab space, enabling immediate modernization for high-tech tenants. MRA has signed Prelude Therapeutics to an 80,000-square-foot lease and said it is negotiating letters of intent for tenants to take another 200,000 square feet. Those leases and DuPont's lease for its Crisp space bring the complex to about half-leased.
MRA also plans a $460 million expansion and renovation of the site, with the first phase bringing 1 million additional square feet of space online in 2026. Further expansion would bring the site to about 2.4 million square feet by 2029 as part of a renovation package that is slated to include a hotel, fitness center and outdoor amphitheater.
What they’re saying: Along with the facility’s own strong selling points, Delaware’s tax laws designed to be friendly to business should make it a prime offering, Wojewodka said. “For the tenants that we will look to attract, the state offers some very attractive tax incentives. We think that will be the cherry on top as far as getting the tenants signed and filling the campus quickly.”
CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. A list of judges can be found here and the criteria for selecting winners can be found here.