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The Dilweg Cos. Buys Atlanta's Pershing Point for $75 Million

Durham Outfit to Invest $10 Million in Capital Upgrades to 410,000-SF Office Building in Midtown
March 5, 2018
The Dilweg Cos., a Durham, NC-based commercial real estate investment firm, has acquired the Pershing Point office building in Atlanta from CBRE Global Investors for $75 million, or about $183 per square foot.

Pershing Point delivered in 1960 at 1375 Peachtree St. NE in Atlanta's Midtown/Pershing Point area. The 410,357-square-foot, seven-story building is currently 59 percent leased, with Kaiser Permanente, Huge, Echo Global and CMGRP serving as its anchor tenants.

Dilweg, which now owns six assets in the Atlanta market, plans to invest more than $10 million to extensively renovate Pershing Point, with upgrades to target the building's exterior, mechanical systems, common areas and tenant amenities, in an effort to modernize the building.

“Pershing Point is a fantastic value-add asset in the heart of Midtown,” said Anthony Dilweg, CEO of The Dilweg Cos. “We see an exceptional opportunity to transform this building into a highly desirable and contemporary office building.”

With the acquisition, Dilweg now owns more than 2.3 million square feet of office space in Atlanta, and more than 6.4 million square feet across the greater Southeast region. The company's Atlanta holdings include 101 Marietta St. in downtown; The Pointe in Central Perimeter; Royal Centre in Alpharetta; 250 East Ponce in Decatur; and The Paddocks in Johns Creek.

Will Yowell, Justin Parsonnet, Jay O’Mara and Ryan Reethof of CBRE represented the seller in negotiations.

Please see CoStar COMPS #4154980 for more information on this transaction.
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