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Dilweg Looking To Part With 101 Marietta

Dilweg
View of The Dilweg Cos.' 101 Marietta St. office tower, decorated for the Super Bowl

A North Carolina firm is looking to sell one of its towering Atlanta urban core assets.

The Dilweg Cos. has tapped CBRE to market 101 Marietta St., the 36-story, 650K SF Downtown Atlanta office tower that lords over Centennial Olympic Park, CoStar reports. Asking prices were unknown as of press time, but Dilweg purchased 101 Marietta in 2015 for $68.8M, or a little more than $100 per SF, according to land records on the Reonomy platform.

Since then, Dilweg has invested an additional $5M to upgrade the building, CoStar reported, and had a string of successful leases, including with its now-largest tenant WeWork, which occupies more than 80K SF. The space was WeWork's first Downtown Atlanta lease and was inked before the coworking giant's fall from grace after its failed IPO.

In recent months, though, Dilweg secured other leasing successes, including a renewal with the Atlanta Hawks and a 20K SF lease with part-time work finding app operator Steady (backed by basketball legend Shaquille O'Neal).

Dilweg also renewed Kessler & Solomiany this week, according to CoStar, bringing the building to nearly 90% occupied. Dilweg has purchased other Atlanta assets since its banner purchase of 101 Marietta, including 1375 Peachtree St., the eight-story, 410K SF building formerly known as Pershing Point in Midtown. Dilweg has since pumped an additional $10M into renovations on that property.