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Real Estate - Commercial

CastleBranch Buys Its HQ In Joint Venture

By Cece Nunn, posted Apr 1, 2020
Wilmington compliance management and screening company CastleBranch bought its headquarters buildings and a third office building in its complex recently in a joint venture. (Photo courtesy of CastleBranch)
CastleBranch completed the purchase recently of its headquarters at 1844 and 1845 Sir Tyler Drive in Wilmington, as well as the building next door at 1838 Sir Tyler Drive.
 
The purchase was part of a joint venture with SHP Acquisitions, the previous owner of the buildings, according to an announcement Wednesday.

Excise taxes listed on the deeds value the real estate transaction at $28.5 million. 

CastleBranch, a compliance management and infectious disease screening company, moved to The Cotton Exchange in downtown Wilmington with 32 employees in 2002.

In 2009, the company had grown to 125 team members and leased 1845 Sir Tyler Drive, building a second location at 1844 Sir Tyler Drive in 2014.

With a current roster of 425 employees, CastleBranch’s purchase signals the next step in the company’s development, according to a news release. 

“SHP Acquisitions has been a proud partner of CastleBranch since 2012,” said Dan Smith, founding member of SHP, in the release. “Together we’ve seen tremendous change and growth, including the development of a new building for CastleBranch in 2014, and we’re excited to further our partnership with this joint venture.”  

Brett Martin, CEO of CastleBranch, said in the release that the transaction represents years of effort, dedication and planning.

“The purchase of our headquarters is further proof of our commitment to the city of Wilmington and our intention to remain here for generations,” Martin said in the release. “More importantly, it serves as a reminder that, as turbulent as the COVID-19 storm appears to be today, we’re confident that it will pass, and Wilmington will continue to be a strong and vibrant community.” 

At a time when many companies have slowed or halted all business because of the new coronavirus, Martin said in the release that he views CastleBranch’s purchase as a signal of hope.

“Wilmington has weathered storms before, and we will weather this one together, too,” Martin said in the release. 

CastleBranch’s staff is working remotely to ensure their protection and the continued support of their clients, the release stated. 

“The COVID-19 storm will pass, and when it does, we should all have a plan in place that empowers our people to return to work,” Martin said in the release. “Everyone should be taking proactive measures -- now -- to make sure the spread of COVID-19 goes no further.”
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