"The purchase of University Tower culminates an active year of targeted, strategic acquisitions for us," says Anthony H. Dilweg, chairman of the Dilweg Cos. "We view University Tower as a bridge to further acquisitions next year that continue our focus on value-added opportunities in the marketplace."

Built on a five-acre parcel in 1986, the office building is located in the city's South Square area. It is 92% occupied. Major tenants include Duke University, Newsom Graham, Wachovia, the University Club, Oak Value Capital, Bank of America International Group and Morgan Keegan.

Dilweg, a three-year-old firm that had two small office complexes to its name a year ago, has more than quintupled its holdings in '02 from $20 million to well over the $100 million mark. Major Research Triangle acquisitions include the 112,000-sf Trinity Place in Raleigh, NC; Hickory Corners, a 178,000-sf retail center in Hickory, NC; more than 200,000 sf of office/flex space purchased through the Dilweg Catalyst Fund; the 86,000-sf MacKenan Center in Cary, NC and Gateway Centre, a 115,000-sf office/flex project.