New York Life Insurance Real Estate Investors and the Dilweg Companies Acquire Royal Centre Office Buildings II, III, and IV
New York, August 10, 2015—New York Life Real Estate Investors and The Dilweg Companies announced today the acquisition, on behalf of institutional investors, of three Class A office buildings located in the city of Alpharetta, Georgia within Atlanta’s North Fulton submarket.
Royal Centre II, III and IV total 630,000 square feet and are situated on 37.7 acres in the Royal 400 office park. At the time of sale, the buildings were 74 percent leased. Major tenants include ACE Group, MarketSource, VeriFone and McKesson. The owners plan to invest more than $3 million to upgrade the buildings’ operating systems, common areas and tenant amenities to reposition the properties. The leasing and management has been awarded to Stream Realty Partners.
“Royal Centre represents an excellent opportunity to invest in highly efficient Class A office buildings with an abundance of structured parking, in a submarket experiencing tremendous corporate job growth,” said Scott Ingham, Director at New York Life Real Estate Investors.
“From several vantage points, Royal Centre has tremendous potential. Its location in a dynamic commercial corridor, access to growing residential areas, strong existing tenant mix and proximity to Avalon’s amenities were all attractive to us,” said Anthony Dilweg, CEO of The Dilweg Companies.
Mr. Ingham and Mr. Dilweg agree, “Royal Centre is a great addition to our Southeast office portfolios and we look forward to repositioning these assets.”
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $42 billion in assets under management as of June 30, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 7/1/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate 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 $730 million in asset value and more than 7.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 313-3483 or go to www.dilweg.com.
New York Life Insurance Company