Philadelphia's Berwind Eyes Local Turf

ATLANTA-Berwind Property Group Inc., part of a 127-year-old Philadelphia-based business conglomerate, hopes to break into the Atlanta commercial real estate market by year end with an equity interest in the trophy 29-story, 610,000-sf Tower Place 100 office building in the affluent Buckhead district of Downtown.

Area brokers tell GlobeSt.com Berwind is negotiating to buy out the ownership interest held by locally based Jamestown, a German investor group, and Regent Partners. In the deal, Berwind also would be acquiring a college building and undetermined retail space in the 26-year-old Tower Place.

The properties have an estimated value of $130 million, local brokers tell GlobeSt.com. The negotiated price hasn’t been disclosed. Tower Place 100 is 96% leased in an 11 million-sf submarket where asking average class A rents are $28.62 per sf, according to Atlanta-based Richard Bowers & Co.