Dewberry Plans Spec Office Building in Midtown

ATLANTA-Developer John Dewberry, a former quarterback for Georgia Tech and co-owner with his brother Douglas of locally based Dewberry Capital, is rearing back and hoping to throw a Hail Mary development pass into red-hot Midtown, a submarket that is stealing office tenants regularly from Downtown.

Despite a soaring office vacancy rate of 23.3% and a total 3.7 million sf of unoccupied space in the Midtown submarket, according to Colliers Cauble & Co., Dewberry Capital plans to break ground this year on Two Peachtree Pointe, a spec-built, 19-story, 292,000-sf tower at Peachtree and West Peachtree streets. It will be situated behind Dewberry’s seven-story, One Peachtree Pointe office building.

Downtown and Midtown brokers in a position to know tell GlobeSt.com Two Peachtree Pointe will have 14,500 sf of ground-floor retail, six parking levels and 12 floors of office space above the parking. The estimated cost of the project is $50 million. Area construction industry estimators tell GlobeSt.com the office component alone can’t be built for less than $150 per sf.