Bank building back on market

Jun 6, 2012

Story by: J. Elias O’Neal, posted on WilmingtonBiz.com

A class A office property formerly occupied by Quintiles is back on the market.

Officials with Wilmington-based Cape Fear Commercial announced Wednesday that the North State Bank building, 1411 Commonwealth Drive near the intersection of Eastwood and Military Cutoff roads, is back on the market as a direct lease.

Quintiles leased the second and third floors of the building but only occupied the third floor of the 18,653 square feet it leased.

The Durham-based contract research organization in December shuttered its physical Wilmington location. The company – which has about 24,000 employees in 110 facilities in 60 countries – opened its Wilmington office in June 2008. After Quintiles announced it would be closing their Wilmington office, Cape Fear Commercial co-founders Brian Eckel and Vin Wells worked with the building’s landlord on a lease termination with Quintiles so the space would be available as a direct lease.

“By terminating the existing lease with Quintiles, the owners of the building now have more flexibility in what they can offer potential tenants in terms of tenant improvement allowance, length of lease terms and other concessions,” Eckel said in a news release. “We believe that offering a large [tenant improvement] allowance and flexible lease terms will attract the large office users looking for class A space in the area.”

Eckel said there is up to 18,500 square feet available for lease on the second and third floors. The second floor is in shell condition, while the third floor has been built out by its previous tenant. Space is also available on the first floor.

View original story at the Greater Wilmington Business Journal.