DuPont Sells Undeveloped Land at Chestnut Run Plaza
DuPont today announced the sale of 6 acres of land at the company's 241-acre Chestnut Run facility, located at routes 141 and 48 in New Castle County. The land's developer, Commonwealth Group of New Castle, plans to construct a 100,000-square-foot Class A office building and parking lot. Terms of the sale were not disclosed.
DuPont will lease a portion of the building, which is designated for office space only. Completion is set for October 2001.
"Commonwealth is pleased to have the opportunity to create a first class office building on one of New Castle County's prime locations," said Brock Vinton, Commonwealth owner. The company has developed office and industrial complexes throughout the county over the last 28 years.
"The new building at Chestnut Run gives us flexibility to meet future demand for office space at competitive rates, should we need more space," said John Snyder, DuPont vice president for Business Services. "It also provides for effective use of operating capital by our businesses and does not tie up funds for maintenance and construction of office buildings."
DuPont developed Chestnut Run in1954, initially for research laboratories. A 1989 site development plan approved by the county led to the opening of Bright Horizons Day Care in 1998 and the upcoming new office building.
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