City of Wilmington staff have negotiated two lease agreements for the Skyline Center, including one for U.S. Senator Ted Budd, which was recently authorized by the Wilmington City Council.
A new 30-month lease agreement covers approximately 1,249 square feet on the fourth floor of the northern downtown building for the Republican’s use as a constituent services office.
The annual rent of approximately $97,705 includes an amortized amount to reimburse the city for space improvements funded by the city and constructed to accommodate the tenant’s occupational needs. The total amount to be recovered for these improvements over the lease term is approximately $123,380, according to the resolution.
Another lease for TOVA
In addition, the City Council on July 21 also gave its
stamp of approval for the city manager to execute a lease agreement with TOVA Wealth Management, LLC for a portion of the Skyline Center’s seventh floor.
TOVA, which deals in financial planning and investments, had a lease approved by the City Council on May 7, 2024, and then amended on Feb. 28, 2025, to expand the premises from approximately 846 square feet to 1,279 square feet.
Now TOVA wants more space. In seeking an expansion of the leased premises to approximately 1,987 square feet, TOVA has agreed to pay an annual rent of $65,492, escalating annually for a length not to exceed 10 years, per the resolution.
The additional rent revenue will be used to support the operations of the Skyline Center and capital needs, according to the city.
Skyline Center over 85% occupied
Occupancy at the Skyline Center is just over 85%, with 18 signed leases representing $20.6 million in committed revenues said Amy Passaretti Willis, the city's communication manager.
As of July 7, four conference rooms were available for rent in the Skyline Center, with flexibility to combine the rooms into two large or four individual spaces. There were also additional spaces available to rent, including a break room area, a lobby and an outdoor plaza, according to the city’s website.
The city purchased the Skyline Center in July 2023 for $68 million, which it said was $43.3 million below market value. In doing this, 15 city departments were brought under one roof at 929 North Front St. and public access to services was improved, according to the city.
The 12.5-acre office campus includes the 12-story office building, a 1,022-space parking deck and two adjoining development tracts.
With the acquisition, the city said it added parking capacity near Riverfront Park and generated revenue through tenant leases and surplus property sales.
The building first opened in 2007 as the headquarters for the clinical research firm PPD, now known as Thermo Fisher Scientific.
Bob Liepa is the city of Wilmington and public safety reporter for the StarNews. You can reach him at RLiepa@usatodayco.com.
This article originally appeared on Wilmington StarNews: Senator's office is one of Skyline Center's two new lease agreements
