Real Estate - Commercial

Wells Fargo Building Reaches Occupancy Milestone

By Jamaal O'Neal, posted Dec 20, 2011

A couple of Wilmington-based businesses will be starting the New Year in renovated and expanded digs downtown.

Brian Eckel and Vin Wells, founders of Wilmington-based Cape Fear Commercial, said Tuesday the company has renewed RSM McGladrey as a tenant in the Third and Grace building near the intersection of Third and Grace streets.

The tax consulting firm will occupy 11,000-square feet on the fourth floor of the office building.

Eckel added that the law firm McGuireWoods is in the process of relocating and expanding into nearly 6,300-square feet of office space on the third floor.

“To complete this transaction we had to relocate Silar Labs who occupied space on the third floor to the first floor where they will occupy 2,633-square feet,” Eckel said. “It was a tricky transaction as multiple deals were dependent on the other, and had to be signed simultaneously to complete the transaction. Vin did a great job of working with the tenants to make these deals happen.”

Furiex Pharmaceuticals, Inc., which works closely with Pharmaceutical Product Development, has also signed a lease for about 2,000-square feet on the first floor of the building.

The leasing frenzy spells good news for Wilmington’s commercial sector, which has seen an increase in leasing activity over the past two months throughout the area.

It also marks a milestone for the class-A, 60,000-square foot office building downtown.

Eckel said after completing all four transactions, the building is now 92 percent occupied (a record for the building) and has nearly 5,000-square feet available for lease.


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