After trading Miami office towers, CP Group and Rialto Capital Management are back on the prowl, purchasing the massive One CNN Center office building in Downtown Atlanta, Ga.
The addition of globally the recognized 1.2-million-square-foot property makes CP Group the second-largest office owner in Georgia
The acquisition brings CP Group’s total Downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center.
CP Group, which until recently was called Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought the high-rise at 2 South Biscayne Boulevard, according to a news release.
CP Group has formed a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners to buy the 38-story One Biscayne Tower for $225 million.
Monarch plans to operate the property in partnership with Tourmaline Capital Partners, a real estate investment and operations firm focused on the office sector, and CP Group (formerly Crocker Partners), the largest office landlord in Florida.
CP Group recently completed a $20 million renovation at the property, including the addition of a 9,000-square-foot conference center and redesigned lobby.
“It really wasn’t about the beer tap or events that made coworking take off,” Chris Eachus said. “It was because you can sign a 30-day lease in a nice environment that looks professional, and you can come in every day and be happy with where you work.”
A joint venture involving Boca Raton, Florida-based real estate investment company CP Group and San Francisco-based investment firm Farallon Capital Management has acquired a three-property Atlanta office portfolio from Franklin Street Properties Corp., CP Group announced this week.