Dilweg to Reposition 1375 Peachtree, Reveals $10 Million Renovation Plan at Midtown Atlanta Office Asset
13 Jun 2018
After acquiring the property in Q1 2018, The Dilweg Companies (Dilweg) announces it is repositioning the 409,579-sq.-ft., 8-story office asset located at 1375 Peachtree Street Northeast in the heart of Atlanta’s Midtown. Formerly known as Pershing Point, Dilweg renamed the property 1375 Peachtree and has revealed a $10 million renovation plan. ASD|SKY is leading the redesign of the building and has released initial renderings of the space, showcasing plans for the property’s exterior as well as interior common areas.
“1375 Peachtree is a fantastic asset in the heart of Midtown,” said Drew Cunningham, COO of The Dilweg Companies. “We are excited to announce our plans to transform this building into a highly desirable and contemporary office building.”
“The repositioning of 1375 Peachtree is very exciting as it will include many new amenities to attract tenants in the tech and creative industries,” said Mr. Port, senior vice president at CBRE. “Some of the new features include a shared rooftop space facing Peachtree Street, additional retail in the lobby, and a new conference facility and tenant lounge. These upgrades combined with the property’s prime location, within walking distance to the Arts Center MARTA Station, will transform this asset from a traditional office tower to a premier creative office hub.”
Other new amenities include indoor bike storage, lockers, and showers for tenants. Retail offerings include Anytime Fitness, HUGE Coffee Shop, Jimmy Johns, and Trading Post Sundry Shop. The building is currently anchored by long-term tenants Kaiser Permanente’s Healthcare IT division (156,000 sq. ft.) and global advertising firm HUGE (31,000 sq. ft.) and is balanced by ten others, largely TAMI (Technology, Advertising, Media and Information Systems) tenants.
“From the thoughtful integration of a linear park along Peachtree to the state-of-the-art conferencing facilities that open up to a park in the sky, our design activates the public realm, provides increased engagement between tenants, and supports today’s ever-changing workspaces.” said Adam Toal, project architect at ASD|SKY. “A sculptural addition to the building entry includes a metal screen element that allows the activity from within the building to engage with the street while simultaneously providing a more intimate gathering space between the lobby and the public realm.”
Built in the 1960s, the property has continually evolved with the submarket and has long been a space sought after by technology innovators – once the headquarters for MindSpring and Earthlink.
“1375 Peachtree is a truly unique property and we’re very excited to transform it into an office asset with modern, state-of-the-art amenities, balancing today’s requirements for highly efficient and experience-centric workplace environments designed to quickly adapt to future needs,” said Jerry Banks, managing director for the Atlanta region at Dilweg.
Atlanta placed #5 in CBRE’s Scoring Tech Talent report, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. Georgia Tech, which is located less than one mile from Pershing Point, is an essential catalyst for tech clustering in Atlanta and gives companies access to a constant flow of new talent. Midtown finished 2017 edging out Buckhead with the city’s strongest office fundamentals – lowest direct vacancy rate and highest average rental rates.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.