Dilweg Picks Up Midtown Atlanta Office Asset
- Mar 07, 2018
The Dilweg Cos. has completed the purchase of Pershing Point Plaza, a 409,579-square-foot, Class A office building in Midtown Atlanta. CBRE’s Capital Markets team represented seller CBRE Global Investors in the transaction.
Located at 1375 Peachtree St. NE, the seven-story property was built in 1960 and is LEED Silver certified. The new owner plans to invest more than $10 million into an extensive renovation program. The modernization project will improve the building’s exterior, mechanical systems, common areas and tenant amenities.
Pershing Point was 59 percent leased at the time of sale and is anchored by long-term tenants Kaiser Permanente’s healthcare IT division—156,000 square feet—and advertising firm HUGE—31,000 square feet. The tenant roster consists of mostly technology, advertising, media and information systems companies such as Echo Global and CMGRP.
The CBRE Capital Markets team that worked on behalf of the seller in the disposition of Pershing Point was made up of Vice Chairman Will Yowell, Executive Vice President Justin Parsonnet, Senior Vice President Jay O’Meara and Senior Associate Ryan Reethof. The Dilweg Cos. retained CBRE’s team of Senior Vice President Chris Port and Associate Nicole Goldsmith to spearhead leasing efforts at the property.
“CBRE leveraged its platform of veteran on-site management and leasing expertise and active capital market knowledge to articulate Pershing Point’s unique investment opportunity. This generated strong investor demand and market depth,” Yowell said in prepared remarks.
Image courtesy of CBRE