While Greenville residents anxiously await the redevelopment of Barley Mill Plaza, Pettinaro Management is busy with other nearby projects, including plans unveiled today to expand the footprint of the Montchanin Corporate Center.
When Pettinaro purchased the Montchanin Center in 2015, the building was at 75% of capacity. Now with newer tenants like Empowered Yoga, Michael Christopher Salon and Spa, and CE Solutions, the business park at Rtes. 100 and 141 Center is at 99% occupancy.
So with two wealth management companies interested in relocating to Greenville, Pettinaro decided to invest in the construction of additional office space at the site. Pettinaro CEO Greg Pettinaro says 20 Montchanin Road is the only true Class “A” building in the Greenville area.
Bessemer Trust and the Glenmede Trust Company joined Pettinaro for a ground-breaking ceremony today at their new location. The two trust companies will join 25 current tenants in the building, occupying the 32,000 square foot two-story addition. Glenmede will occupy all of the second floor, and Bessemer has leased a suite on the first floor, and the remaining spaces will be available for lease when construction ends.
When the building is completed in February 2020, Glenmede will move out of their offices in downtown Wilmington, where they have been for 20 years. Geoff Rogers, regional director of Glenmede’s Wilmington office, said the new location makes sense because most of their clients reside in or close to Greenville.
“We outgrew the space in Wilmington, and this suits our clients better,” said Susan Mucciarone, executive director of private wealth at Glenmede. “To us, it means a recommitment to our clients here and the overall business.”
Mucciarone also said that the move to a new facility is consistent with the strategy for all of their regional offices. “We wanted to make sure that the new space is contemporary and modern. We’re building so that light comes in and that it’s comfortable for employees and our clients,” she said.
This is the fourth regional office that Glenmede has built or modified to suit modern business needs. Sara Dorsett, vice president of facilities and office services says the location and new construction made the deal attractive. “We wanted ergonomic office space with client conference with the proper AV, etc. and a location that suited the commute for our employees.”