NC-Based Investor Grabs Atlanta Landmark Tower
- Aug 17, 2015
A commercial real estate investment and management firm based in Durham is the new owner of an iconic, modernist office tower in Downtown Atlanta. The Dilweg Companies announced the acquisition of the 652,092 square-foot Centennial Tower office building. CBRE’s Institutional Properties team led by Senior Vice President Jay O’Meara represented the seller, Jackson Corporate Real Estate.
The acquisition of the 36-story, Class A skyscraper brings the Dilweg Companies’ Atlanta footprint to more than 1.5 million square feet. Formerly known as 101 Marietta, the office tower was completed in 1975 and renovated in 1998, which resulted in the name change, a new façade and the addition of rooftop elements raising its height from 446 to 460 feet. Major tenants of the building include Turner Broadcasting, Peer 1 Hosting, Oracle, and the Atlanta Hawks—it was 75 percent occupied at the time of sale.
Dilweg plans to invest more than $7 million to upgrade common areas, operating systems and tenant amenities to reposition the property. The firm awarded the leasing and management of Centennial Tower to CBRE. The firm also recently closed on Royal Centre, a 630,000-square-foot office portfolio in Alpharetta, in a joint venture with New York Life. Their Atlanta portfolio includes two further suburban office assets, Barrett Summit in Kennesaw and The Paddocks in Johns Creek.