Dewberry Group Receives $186M Loan to Renovate, Expand Campanile Building in Midtown Atlanta
ATLANTA — Dewberry Group has released plans to expand the Campanile Building, an office and retail property in Midtown Atlanta, from 445,000 to 626,000 square feet. Upon completion, the renovated property will include new ground-level retail space, high-quality finishes, a renovated marble lobby and a modern façade.
H.I.G. Realty Partners and Square Mile Capital Management LLC jointly originated a five-year, floating-rate, $186 million loan to finance the renovation and expansion. Originally built in 1987 as the headquarters for Bell South, Dewberry Group acquired the building in 2010.
Dewberry Group will develop a 45,000-square-foot retail and restaurant building at the base of the existing asset. The company will also add four new floors of office space totaling 100,000 square feet.
The property is situated at the corner of 14th and Peachtree streets, across from Colony Square and two blocks from Piedmont Park.
“Midtown has seen a strong migration of high-quality tenants and the Dewberry Group will be delivering office space and amenities that will be attractive to companies seeking Class A office space in this central location,” says Michael Mestel, senior managing director of H.I.G.
“We continue to seek out high quality investment opportunities in the Atlanta market, and the financing of the physical renovation and expansion of the Campanile Building fit right in with our objective,” adds Eric Cohen, principal at Square Mile Capital. “The renovation of the asset, which is strategically situated at the prime Main and Main location, will help to transform it into one of Midtown’s most desirable places to work.”
A timeline for completion was not disclosed.
— Alex Tostado