A Colorado-based investor has acquired an iconic skyscraper in the heart of Downtown Atlanta.
Real Capital Solutions paid $49.5M for the 36-story, 674K SF office tower at 101 Marietta St. NW, the firm announced Thursday. The building is a recognizable piece of Atlanta's skyline with its distinctive chevron-shaped roof and location near Centennial Olympic Park. It is also home to the Atlanta Hawks’ headquarters.
“The property sits within one of the most significant urban redevelopment corridors in the Southeast and offers a combination of existing cash flow, a diverse tenant roster, durable ancillary revenue streams and meaningful leasing upside” Adam Abeln, chief acquisitions officer at Real Capital, said in a statement.
Real Capital bought the building, formerly known as Centennial Tower, for 28% less than what it sold for in 2015. The sale reflects the state of Downtown Atlanta’s struggling office market, which had a 30.3% vacancy rate in the first quarter, according to a Colliers report.
Dilweg Co., the previous owner of the tower, appeared to have been behind on repaying its mortgage, according to deed records. As of March 2025, Dilweg had an outstanding balance of $68.5M, and the loan was slated to mature on Aug. 30, 2025.
“Yesterday Dilweg’s position as Borrower at 101 Marietta Street ended,” Dilweg Chief Operating Officer Drew Cunningham told Bisnow in an email.
The company initially listed the property for sale in February 2020.
“This is another example of what happens when loans mature in the midst of a sector wide devaluation,” Cunningham said. “The building today is worth about 1/3 of what it was pre-covid, and that was unsustainable for the current capital stack.”
Dilweg originally bought the tower in 2015 for $68.8M and financed the purchase with a $64.5M loan from Citizens Bank, which the parties modified five times, according to records in the Georgia Superior Court Clerks' Cooperative Authority database.
Fulton County valued the property at $70.9M this year, down from $85.4M in 2023.
The 51-year-old building is 54.1% leased, according to the release. Real Capital said it plans to build on its existing improvements and pursue “strategic leasing initiatives designed to increase occupancy and enhance the tenant experience.”
The 101 Marietta St. acquisition marks Real Capital’s entry into Downtown Atlanta’s office market, the firm said in the release.
