Incyte plans to sell its two Bracebridge office buildings in downtown Wilmington to the Buccini/Pollin Group, a deal that shifts control of a campus once pitched as a major Incyte hub to one of the city’s most influential private developers.
Incyte, a biopharmaceutical company founded in Delaware in 2002 and rooted in a group of former DuPont Pharmaceuticals scientists, focuses on hematology, oncology and inflammation/autoimmunity. It bought the buildings in 2024 for a combined $48.7 million as part of a plan to expand Wilmington’s biotech footprint. On Wednesday, it announced that it had signed an agreement with BPG for both 1100 N. King Street and 1100 N. French St.
“We will remain engaged in the project and will lease approximately 80,000 square feet across 2 floors.”
Catalina Loveman, Incyte
The pharma company, headquartered in Alapocas just outside of the city, had been expected to start moving into the Bracebridge offices by 2026. Under the new arrangement, Incyte’s downtown presence will be far smaller.
“We will remain engaged in the project and will lease approximately 80,000 square feet across 2 floors of the property under a 10-year lease and by investing in the project development costs,” Incyte spokesperson Catalina Loveman told Technical.ly. “The leased space would provide an opportunity to accommodate up to 200 employees.”
Delaware Business Times reported that 80,000 square feet is about 15% of the 517,000 square feet the company previously planned to occupy.
It’s a big change from when the Bracebridge plans were unveiled. Speaking at a DelawareBio BioBreakfast in September 2024, shortly after receiving the 2024 Pete du Pont Freedom Award for making an impact on economic growth and private sector innovation in Delaware, Incyte chairman and CEO Hervé Hoppenot described the Bracebridge move as both practical and cultural. “’I’m very motivated by this idea of going downtown,” he said at the time.
A city announcement around the time of the 2024 purchase said the renovation was meant to relocate 300+ employees from Chadds Ford, PA with space to add 500+ new positions over time, roughly 800 jobs’ worth of capacity tied to the downtown project — about four times more than the current planned employee accommodation.
While Incyte is reducing its presence in downtown Wilmington, it plans to remain in Delaware, with its Alapocas campus as its main location.
“We remain committed to Delaware and will continue to maintain our headquarters in Alapocas, where we have more than 1,000 employees today and will continue to evaluate our space needs,” Loveman said.
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Incyte’s move to Bracebridge builds on decades of development, from Governor du Pont to MBNA and ING
It fits nicely into Wilmington’s plans to go from commuter town to a place where residents can thrive beyond their nine-to-fives.
Before the Bracebridge purchase, Incyte had planned to expand its campus in Alapocas. Neighbors in the area pushed back hard on Incyte’s proposed campus expansion there, arguing it would bring heavier traffic and other quality-of-life impacts to the neighborhood. Incyte ultimately said it would not proceed with the proposed Alapocas campus expansion project, writing off $5.6 million in expenses from the failed deal.
The sale to BPG, the Wilmington-rooted real estate developer and operator that’s become the dominant private player in the city core, expands its numerous downtown holdings, including the five-block Market West campus (the former Nemours, Brandywine and DuPont buildings), Hotel Du Pont, The Queen, and apartment projects such as The Residences at Mid-town Park.
BPG spokesperson Claire Nester told Technical.ly that the developer isn’t ready to share specifics yet, saying, “Plans for the site are still in early stages.”
