FACILITIESRECOMMENDED

Wilmington Recommends New Endowment Office Lease

The City of Wilmington recommended authorizing a new lease with New Hanover Community Endowment, Inc. for the approximately 9,207-square-foot fourth floor of 115 N. Third Street. The five-year lease would begin at annual rent of $230,175, include 2.5% annual escalations, and provide two two-year renewal options.

Document date · October 2, 2026

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TerraCycle logo
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WithersRavenel logo
Derivita logo
Comcate logo
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Scope & details

The full contract record, as filed.

Contract amount
Initial annual rent of $230,175, with 2.5% annual escalations; rent abatement not to exceed $500,000
Contract type
FACILITIES
Contract term
Initial term of 5 years, with two options to renew for an additional 2 years each
Renewal
Two renewal options are available, each for an additional two years. The lease supersedes the existing February 19, 2025 lease.
Document type
StaffReport
Source document
City of Wilmington Staff Report Resolution Authorizing New Lease at 115 N. Third Street 2026-10-06

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by City of Wilmington?

New Hanover Community Endowment Inc was awarded this facilities contract by City of Wilmington, as recorded on October 2, 2026. The contract value is Initial annual rent of $230,175, with 2.5% annual escalations; rent abatement not to exceed $500,000.

How much is the New Hanover Community Endowment Inc contract with City of Wilmington worth?

The New Hanover Community Endowment Inc contract with City of Wilmington is valued at Initial annual rent of $230,175, with 2.5% annual escalations; rent abatement not to exceed $500,000, covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a staffreport record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in City of Wilmington Staff Report Resolution Authorizing New Lease at 115 N. Third Street 2026-10-06 (StaffReport), dated October 2, 2026 from City of Wilmington. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does New Hanover Community Endowment Inc hold?

New Hanover Community Endowment Inc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View New Hanover Community Endowment Inc's profile

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