ATLANTA — CP Group has acquired One CNN Center, a 1.2-million-square-foot office building in downtown Atlanta, for an undisclosed price. The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management LLC.
The transaction makes CP Group the second largest office owner in the state of Georgia, according to the company. The seller, WarnerMedia, will lease back the CNN Center for several years. WarnerMedia is the parent company of 24-hour news station CNN, which broadcasts from the building.
Located at 190 Marietta St. NW, the CNN Center is located in the center of Atlanta’s central business district, near State Farm Arena, Mercedes-Benz Stadium, Centennial Olympic Park, Georgia World Congress Center, World of Coca-Cola, Georgia Aquarium, College Football Hall of Fame and the Center for Civil & Human Rights.
“The CNN Center is one of Atlanta’s most iconic landmarks and we look forward to embracing the opportunity to strategically transform the asset and build off the city’s current momentum,” says Chris Eachus, partner at CP Group.
The center is located adjacent to Centennial Yards, which is a $5 billion mixed-use project that will include multiple residential and office towers, restaurants and retail.
“Many markets across the Sun Belt and the Southeast continue to attract large numbers of new jobs and residents following the pandemic, but Atlanta is uniquely positioned for success in the coming years. Thanks to corporate relocations and expansions, Atlanta’s forecasted economic growth is a standout among major metropolitan areas,” says Eachus.
CP Group, formerly known as Crocker Partners, is a Boca Raton, Florida-based owner-operator and developer of commercial real estate. The CNN Center acquisition comes shortly after after the CP Group’s purchase of a 1.2 million square foot, three-building Atlanta portfolio known as One and Two Ravinia Drive and One Overton Park. The company acquired the portfolio from Franklin Street Properties Corp. in May.
Additionally, this week, CP Group, Rialto Capital Management and a third partner acquired One Biscayne Tower in Miami for $225 million. CP Group now employs nearly 200 employees, and has a portfolio spanning more than 13 million square feet.
— Julia Sanders