MRA Group, a privately-held, regional real estate solutions firm based in Pennsylvania, today announced it has signed a letter of intent with DuPont to acquire the Chestnut Run Laboratory campus for redevelopment. Under the terms of the agreement, DuPont will continue to be a tenant at several lab buildings on the site following the transaction, which is expected to close by 3Q 2021.
"After careful review, we are pleased to select MRA Group as the right strategic partner with the best vision and plan to redevelop the Chestnut Run Lab space for entrepreneurial and science-based innovation," said Jay Valvo, Vice President, DuPont Facilities Services & Real Estate. "DuPont will continue to maintain its global headquarters in the Chestnut Run Offices, adjacent to Chestnut Run Labs, and we look forward to creating a long-term presence where our employees use their time, talent and resources to improve our communities in Wilmington and the surrounding New Castle County."
MRA Group's initial redevelopment plan includes investing in transforming the site into Delaware's premier, multi-tenant, life science, chemistry, technology and advanced materials campus.
"We are excited to work with DuPont, the City of Wilmington, County of New Castle and the State of Delaware to reinvigorate the property's robust history while leveraging Delaware's entrepreneurial spirit," said MRA Group's Executive Vice President, Mike Wojewodka. "It's our goal to reposition the property into Delaware's premier innovation destination that will help to attract, retain and grow businesses here in Delaware. Ultimately, we recognize that our ambitious plans must be aligned with the community's vision, and as such we are committed to working with leadership officials to ensure what we create in Wilmington will be an asset for generations to come."
Kurt Foreman of the Delaware Prosperity Partnership (DPP) welcomes the opportunity to work with MRA Group. In a written statement, Foreman said, "DPP is pleased that MRA Group is bringing its expertise, resources and passion to our state. Beginning with the iconic site at Chestnut Run, we look forward to seeing a multitude of innovative employers choosing Delaware for their growth plans."
About MRA Group
MRA Group (MRA), based in Horsham, PA, is a privately-held, multi-disciplined real estate solutions firm servicing the life sciences, health care and higher education sectors. Founded in 1991 by president and CEO Lawrence J. Stuardi, MRA prides itself on maintaining the same high level of integrity and excellence that led to its recognition as one of the most respected real estate firms in the mid-Atlantic region. With nearly 30 years of providing clients with real estate solutions varying from development to advisory and management services, MRA has more than 4.5M square feet of medical, life sciences and office real estate under management, and has structured over $1B of financing. A few recent and notable development projects include Spring House Innovation Park, the Holy Redeemer Medical Building at 201 Veterans Way, Pennovation Lab at the University of Pennsylvania's Pennovation Works Campus, TEK Park, Oxford Valley Medical Plaza and the St. Clair Medical Office Building at St. Mary Medical Center. Learn more at www.mragroup.net.
