CP Group, a vertically-integrated commercial real estate and management firm, Tuesday announced the acquisition of Bank of America Plaza in the heart of Midtown, at 600 Peachtree St NE.
The 55-story Class-A skyscraper — an icon of the Atlanta skyline — was acquired in a joint venture with funds managed by HPS Investment Partners, LLC. A spokesperson for the joint venture would not disclose the purchase price.
Will Yowell, Jay O’Meara, Justin Parsonnet, and Ryan Reethof with CBRE’s Capital Markets Institutional Properties represented the seller, San Francisco-based Shorenstein, in the transaction.
Bank of America Plaza is a nationally recognizable office tower comprising over 1.35 million square feet of space. The property, which has been an enduring fixture of Atlanta’s Midtown submarket since its construction in 1992, boasts a prime location and a mix of both top-tier traditional and tech-focused tenants. It is currently occupied by anchor tenants including Bank of America and national law firm Troutman Pepper.
“We are proud to acquire one of Atlanta’s most recognizable landmarks in Bank of America Plaza,” Chris Eachus, Partner at CP Group, said in Tuesday’s announcement. “This asset stands to benefit from the exponential growth in economic development and corporate relocations to Atlanta, and more specifically Midtown. We look forward to applying our unrivaled operational expertise and deep knowledge of the Atlanta market to unlock even more value at this iconic property.”
CP Group plans to launch a $50 million capital improvements program which will include a complete overhaul of the lobby, development of an on-site restaurant, and 100,000 square feet of customizable prebuilt office suites, as part of CP Group’s in-house flexible workspace program, worCPlaces.
Current amenities at Bank of America Plaza already include 10,000 square feet of newly-renovated conference center space with breakout rooms, fitness center, newly-constructed food hall, on-site bank branch, and salon.
The acquisition of Bank of America Plaza closely follows the acquisition of Buckhead Centre, a two-building office campus in Atlanta’s Buckhead Village submarket, as well as the acquisition of CNN Center, the iconic tower in downtown Atlanta, in July 2021.
CP Group’s activity in Atlanta is an extension of its ongoing national strategy of identifying and acquiring undervalued, best-in-class office assets in dynamic urban markets spanning the Southeast and Southwest United States. This strategy culminated in the purchase of five-million-square-feet of properties in 2021 and entry into key markets such as Denver in September 2021 with the acquisition of Granite Tower, and re-entry in the Charlotte and Houston markets with the acquisitions of Harris Corners and Five Post Oak Park last summer.