ATLANTA--(BUSINESS WIRE)--CP Group, a vertically-integrated commercial real estate and management firm, today announced the acquisition of Bank of America Plaza in the heart of Midtown Atlanta. 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.
Bank of America Plaza is a nationally recognizable office tower comprising over 1.35 million square feet of premium 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," said Chris Eachus, Partner at CP Group. “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.”
Big Plans for Atlanta’s Trophy Tower
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 high-end 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 an expansive 10,000 square feet of newly renovated conference center space with breakout rooms, comprehensive fitness center, newly constructed food hall, on-site bank branch, and salon.
Bank of America Plaza is in the heart of the Midtown submarket - a fast-rising tech, commerce, and cultural hub. The area is home to Georgia Tech, as well as an expansive business community, which now includes 23 Fortune 500 companies - including Anthem Blue Cross Blue Shield, Google, Meta, Microsoft, and Norfolk Southern - as well as proximity to Atlanta’s Tech Square, which contains the highest density of startups and established innovators in technology in the Southeastern U.S.
CP Group Remains Active into 2022
The acquisition of Bank of America Plaza closely follows CP Group’s 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.
ABOUT CP GROUP
Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 165 properties, totaling over 55 million square feet, and representing over $7 billion invested. They are currently Florida’s largest and Atlanta’s second-largest office landlord and ranks 27th largest in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Denver, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.
