Dilweg Acquires First Citizens Bank Plaza, Opens Charlotte Satellite Office
DURHAM, N.C. (April 11, 2017) – Commercial real estate investment firm, The Dilweg Companies, announced today the acquisition of First Citizens Bank Plaza in Uptown Charlotte.
First Citizens Bank Plaza is a 23-story, Class A office tower located in the heart of CBD Charlotte. The building totals 476,393 square feet and was built in 1986 and renovated in 2002. Major tenants include First Citizens Bank, Advanced Disposal, The Carlyle Group and ManpowerGroup. The building was 29 percent leased at the time of sale.
“First Citizens is a fantastic value-add opportunity for our firm, and we look forward to enhancing this iconic tower” said Anthony Dilweg, CEO of the Dilweg Companies.
Dilweg plans to invest more than $10 million to improve the building’s operating systems, common areas and tenant amenities and provide a “best in class” office experience for existing and future tenants.
In conjunction with the acquisition, Dilweg also announced the opening of its Charlotte office.
“As we continue to expand our footprint in Charlotte, it became increasingly important to have someone on the ground,” said Drew Cunningham, COO of the Dilweg Companies. “We are excited to open our Dilweg Charlotte office in the First Citizens building.”
Dilweg has awarded the leasing of First Citizens to Tom Fitzgerald and Barry Fabyan of JLL.
In addition to First Citizens Bank Plaza, Dilweg acquired Sarasota City Center in Sarasota, Florida as part of this transaction. Sarasota City Center consists of 245,293 square feet and was 88 percent leased at the time of sale. The purchase of First Citizens and Sarasota City Center brings Dilweg’s Southeast holdings to more than 6 million square feet.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey and associate director Chris Lingerfelt.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $1.1 billion in assets and more than 10.7 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 402-9100 or go to www.dilweg.com.