The Dilweg Companies purchase Centennial Tower
The Dilweg Companies, acommercial real estate investment and management firm based in Durham, announced today the acquisition of Centennial Tower, a 652,092 square-foot office tower in downtown Atlanta from Jackson Corporate Real Estate.
Centennial Tower is a 36-story, Class A office building located in the heart of downtown Atlanta at 101 Marietta Street. The building is situated one block from the nationally renowned Centennial Olympic Park. Centennial Tower was built in 1975 and renovated in 1998. The building was 75 percent occupied at the time of sale. Centennial Tower’s major tenants include Turner Broadcasting, Peer 1 Hosting, Oracle and the Atlanta Hawks.
“Overall we are very bullish on downtown Atlanta, and we believe Centennial Tower is well-positioned to capitalize on the area’s continued revitalization,” said Anthony Dilweg, CEO of the Dilweg Companies. “The Atlanta office market is booming right now. We have acquired more than 1.2 million square feet of value add office space in the last week alone and are diligently looking to add to our Atlanta portfolio over the next 24 months."
Dilweg plans to invest more than $7 million to upgrade the buildings’ operating systems, common areas and tenant amenities to reposition the property. The firm has awarded the leasing and management of Centennial Tower to CBRE.
“We are excited to partner with Chris Port and the rest of the CBRE team for the leasing and management of Centennial Tower,” said Jerry Banks, SVP of Asset Enhancement at the Dilweg Companies. “We believe the resurgence of Downtown Atlanta, coupled with the new leasing and management team, will help Centennial Tower outperform its competition.”
The purchase of Centennial Tower brings Dilweg’s Atlanta office holdings to more than 1.5 million square feet. The firm closed on Royal Centre, a 630,000 square foot office portfolio in Alpharetta, last week in a joint venture with New York Life. Dilweg also owns two other suburban Atlanta office assets, Barrett Summit in Kennesaw, and The Paddocks in Johns Creek.
The Dilweg Companies opened an Atlanta satellite office in March with the hiring of Jerry Banks as Senior Vice President of Asset Enhancement, Atlanta Region.
Jay O’Meara and CBRE’s Institutional Properties team represented the Seller on the deal.