Dilweg Cos. Acquires Office Building in Midtown Atlanta for $75M

ATLANTA — The Dilweg Cos. has acquired Pershing Point, a 409,579-square-foot office building located at 1375 Peachtree St. in Midtown Atlanta. The sales price was not disclosed, but the Atlanta Business Chronicle reports the building sold for $75 million, or $183 per square foot. Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof of CBRE arranged the transaction on behalf of the seller, CBRE Global Investors. CBRE Global Investors was the asset manager on behalf of the California State Teachers Retirement System, according to the Atlanta Business Chronicle. Dilweg plans to invest more than $10 million to improve the building’s exterior, mechanical systems, common areas and tenant amenities. At the time of sale, Pershing Point was 59 percent leased to tenants such as Kaiser Permanente, Huge, Echo Global and CMGRP. CBRE’s Chris Port and Nicole Goldsmith have been retained to handle the building’s leasing assignment.