CP Group, an owner, operator and developer of office and mixed-use projects throughout the Southeast and Southwest United States, has acquired the CNN Center in downtown Atlanta. The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management LLC, the third in a recent series of strategic partnerships between Rialto Capital and CP Group (previously known as Crocker Partners).
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 project 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,” Eachus said. “Thanks to corporate relocations and expansions, Atlanta’s forecasted economic growth is a standout among major metropolitan areas.”
