Dilweg Cos. Pays $25M for 172KSF Johnston Building

By Eliza Theiss, Associate Editor

The Johnston Building

One of Charlotte’s oldest skyscrapers, the 17-story Johnston Building has traded hands. The 172,000-square-foot office tower was picked up by The Dilweg Cos. for $25.3 million, reported The Charlotte Observer. Durham-based Dilweg acquired the Uptown property from limited liability partnership 212 South Tryon. CBRE represented the seller.

According to The State, the property is currently 84 percent leased. Its tenant roster includes arlisle & Gallagher Consulting Group, Office of the Comptroller of the Currency, Montreat College and Fifth Third Bank. Trinity Partners previously handled leasing.

Originally opened in 1924 at a height of 15 stories, the Johnston Building was at the time Charlotte’s tallest building. Designed by William Lee Stoddart, the historic property was developed by Hunkin-Conkey Construction. Two more floors were added in the late 1920s.

The Johnston Building is not Dilweg’s first Charlotte asset. Its local office portfolio includes the 32-story, 329,930-square-foot 121 West Trade (formerly knowns as the Interstate Tower) office tower in Uptown Charlotte and the 110,000-square-foot Park Abbey office building on Park Road. Dilweg also owns One and Two SouthPark Center. The 10-story One SouthPark  features 143,025 square feet of space, while the five-story Two SouthPark Center comprises 94,993 square feet.

Charlotte’s office market enjoyed heightened interested from investors in 2014, reaching $1.1 billion in sales, notably higher than 2013’s $875 million, reported the Charlotte Business Journal.

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Image via thejohnstonbuilding.com