CP Group acquires One CNN Center in downtown Atlanta

CP Group, a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States, announced July 1 that it has acquired the CNN Center in the heart of downtown Atlanta. The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management, LLC (“Rialto Capital”), the third in a recent series of strategic partnerships between Rialto Capital and CP Group involving critical workspace in core locations.

WarnerMedia will lease back the CNN Center for a number of years.

The world-renowned 1.2 million-square-foot CNN Center is located in the center of Atlanta’s central business district, surrounded by other landmarks including 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,” said Chris Eachus, Partner at CP Group.

The area is primed for additional economic activity in the years to come, thanks to the ongoing development of Centennial Yards. Located adjacent to the CNN Center, the $5 billion mixed-use projects will establish a town center destination that includes multiple residential and office towers, restaurants, and retail over 12-15 new city blocks.

“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,” Eachus said.

CP Group, formerly known as Crocker Partners, is one of the country’s premier owner-operators and developers of commercial real estate. The CNN Center acquisition comes on the heels of CP Group’s purchase of a 1.2 million square foot, three-building Atlanta portfolio from Franklin Street Properties Corp. in May, which included One and Two Ravinia Drive and One Overton Park. The organization now employs nearly 200 employees, and has a portfolio spanning more than 13 million square feet.

“For Rialto Capital, the CNN Center marks its sixth acquisition in 2021 of what it believes are the best mission-critical workspaces and mixed-use environments across the US and representing in total more than 3.2 million square feet of rentable area,” a company spokesperson said.