The Dilweg Companies this week acquired Pershing Point Plaza, according to a press release Monday.
CBRE facilitated the sale of the 409,579-square-foot, eight-story office mid-rise, at 1375 Peachtree Street Northeast in Midtown anchored by Kaiser Permanente’s Healthcare IT division and global advertising firm HUGE.
Dilweg is planning to invest more than $10 million to improve the building’s exterior, mechanical systems, common areas and tenant amenities and provide a modern “best in class” office experience for existing and future tenants, a company spokesperson in an email Monday told What Now Atlanta.
Built in the 1960s, the property was once the headquarters for MindSpring and Earthlink.
“Pershing Point is a perfect example of a historical building embedded within Midtown’s dynamic urban environment ready to be repositioned,” Justin Parsonnet, executive vice president at CBRE Capital Markets, said in the release.
“It offers the opportunity to leverage accelerating demand drivers in the city’s premier tech corridor and creative class submarket.
Parsonnet alongside Will Yowell, Jay O’Meara, and Ryan Reethof represented the seller, CBRE Global Investors, in the transaction. CBRE’s agency leasing team of Chris Port and Nicole Goldsmith have been retained by new ownership.