Avison Young Atlanta Office Brokers Eight-Year Lease for Utility Associates, Inc. in Decatur20 Jul 2018
Tenant to fill over 40,000 square feet of Class A office space in downtown Decatur
ATLANTA – July 20, 2018 – The Atlanta office of Avison Young today announced that it arranged a lease of more than eight years of approximately 40,000 square feet for Utility Associates, Inc. at 250 E Ponce, a 141,582-square-foot office building located in the heart of downtown Decatur. Kirk Rich, principal of Avison Young, represented the owner, The Dilweg Companies, in the lease transaction. Bart Lester of Oakhurst Realty Partners represented Utility.
Utility selected 250 E. Ponce because Decatur is one of the most specialized and sought-after submarkets in metro Atlanta and is an ideal location for millennial talent based on its proximity to downtown Atlanta, MARTA and numerous retail amenities.
“Decatur is becoming a great place for larger companies to seek space,” said Rich. “Traditionally, it’s been a small, local entrepreneurial market, but with Ponce City Market eight minutes away and a lack of creative community space in town, businesses are now migrating to Decatur.”
The eight-story structure, built in 1962 and renovated in 2017 by Dilweg, offers 360-degree views of Midtown, Buckhead, downtown Atlanta and Stone Mountain. Presently 81 percent leased, 250 E Ponce counts Wells Fargo, ELS Educational Service, Inc. and Emory among its tenants.
“We are excited to announce Utility’s long-term commitment to the property,” said Douglas McRae, director of asset enhancement at The Dilweg Companies. “Their commitment is indicative that the organic live, work, play environment of downtown Decatur is ripe for attracting top-tier tech talent.
The Avison Young Atlanta team is supported by a full-service office that includes sales, marketing, leasing, property management and research teams. The firm currently manages more than 20 million square feet of property across the Atlanta region.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
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 $1.34 billion in assets and more than 11.1 million square feet throughout North Carolina, South Carolina, Virginia, Florida and Georgia. For more information, please call (919) 402-9100 or go to www.dilweg.com.