1220 N Market heading back to the auction block - Technical.ly Delaware

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Jun. 27, 2018 12:59 pm

1220 N Market heading back to the auction block

The building is for sale for the second time in less than five years, and that may be a good omen.
Looking tiny next to the Hercules Building, 1220 N Market peeks over the trees.

Looking tiny next to the Hercules Building, 1220 N Market peeks over the trees.

(Photo by Flickr user TCDavis, used under a Creative Commons license)

In the market for a 10-story Downtown Wilmington office building? 1220 N. Market St. is going up for auction in at the end of July, with a starting bid of $900,000, according to Delaware Business Now.

The building, built in 1983, was last purchased just four years ago in 2014. That isn’t necessarily a bad thing, as DBN reports:

Colliers Vice President Rick Kingery said the auctions in short succession are actually a good sign. Owners have decided the time is ripe to see if investors want to tap into a turnaround in downtown that seems to be gaining momentum, he added.

The tower has been a traditional office building since its 1980s inception, but with new ownership, it could be repurposed as a hotel, residences or less traditional work space (not that anyone asked, but the new owners might want to consider flexible workspaces and micro offices for the increasing number of companies that are incompatible with both traditional offices and coworking spaces).

The online auction can be accessed here. A $10,000 participation deposit is required.

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