CP Group, which bills itself as the second-largest office landlord in Atlanta and an owner and operator of office properties nationally, alongside an affiliate of Cohen & Steers Capital Management, Inc., Monday announced their joint venture acquisition of Buckhead Centre, at 2970 Peachtree Rd. The purchase price was not disclosed.
Located in Atlanta’s Buckhead Village, Buckhead Centre is comprised of two office buildings, an eight-story tower, and an adjacent seven-story tower spanning 169,000 square feet combined. The structures are situated on two contiguous land parcels totaling over four acres, including an attached restaurant building and structured parking.
“Buckhead Centre represents an incredibly desirable office product in the heart of one of the most coveted and well-amenitized neighborhoods in Atlanta,” Chris Eachus, partner at CP Group, said in a press release. “The fortress location presented an ideal opportunity for us to further expand our Atlanta portfolio and unlock the buildings’ considerable potential.”
CP Group plans to renovate and amenitize the buildings with “a focus on improving the tenant experience.” The property boasts an average office occupancy of 95 percent over the past 30 years “due to its prime location offering both a high level of accessibility and proximity to a variety of amenities and housing options,” according to the release.
“Buckhead Centre is a great example of a well-located ‘surban’ property offering the appeal of a highly attractive suburban lifestyle combined with urban-like amenities,” James S. Corl, head of private real estate at Cohen & Steers, said. “We believe there is tremendous value in select Sunbelt properties like Buckhead Centre as business leaders and consumers are making new choices in how and where they work, live, play and shop.”
CP Group will manage the building and leasing for the property will be handled by Steve Devinney, Billy Graddy, and Jack Tekin with Stream Realty Partners.
CP Group’s acquisition of Buckhead Centre follows a year of unprecedented activity, during which it purchased over five million square feet, totaling $1.1 billion of office assets in markets across the Southeast and Southwest U.S. Earlier last summer, CP Group announced the acquisition of CNN Center, the iconic tower in downtown Atlanta, and officially entered the Denver market with the acquisition of Granite Tower.