CP Group, formerly Crocker Partners, today announced the acquisition of a three-building portfolio from Franklin Street Properties Corp. in a joint venture with Farallon Capital Management (“Farallon”). The acquisition includes One and Two Ravinia Drive in Atlanta’s Central Perimeter submarket, and One Overton Park in its Cumberland submarket. The acquisition brings CP Group’s Metro Atlanta office assets under management to approximately 4 million square feet, making them the third-largest office landlord in the region.

“We are pleased to have been able to execute on this off-market opportunity and expand our Atlanta portfolio with three institutional-quality assets,” said Chris Eachus, Partner at CP Group. “As the economy and the office market continue to recover following the pandemic, the ability to acquire and add value to these well-known buildings presented both a well-timed and promising opportunity.”

CP Group’s Atlanta portfolio also includes Paces West; Cumberland Center II; 3225 Cumberland; Lakeside Office Park; Ashford Perimeter; and 5600 Glenridge. 5600 Glenridge was acquired from AT&T at the end of 2019 and is currently undergoing a $25 million renovation to transform the once single-tenant office building into a fully amenitized, next-generation multi-tenant property.

“We are excited to partner with CP Group and bring new management to these three landmark properties,” said Rocky Fried, Partner and head of Real Estate at Farallon. “Atlanta’s Central Perimeter and Cumberland submarkets exhibit attractive market demographics, and we look forward to investing in the infrastructure and amenities offered at each location to take advantage of those trends and opportunities.”

This marks the third investment from Farallon Real Estate Partners III (“FREP III”), which closed in 2020 as the latest fund in a series totaling over $1.2 billion of committed capital.

Reintroducing One & Two Ravinia

One and Two Ravinia – which span a total of 797,649 square feet across two 17-story towers – are situated within one of the most prestigious, well-known suburban office parks in the region. The buildings currently offer a conference facility, fitness center, onsite café, and multiple outdoor workspaces.

CP Group plans to launch a repositioning campaign for the two buildings that will include lobby upgrades, café upgrades, and renovations to multi-tenant corridors and restrooms. The company will also leverage its flexible workspace offering, worCPlaces, to build out over 53,000 square feet of turn-key “Spec Places”, ranging from 1,500 square feet to 10,000 square feet.

“These buildings hold immense hidden value that we plan to unlock and enhance through strategic renovation and hands-on management,” said Scott Barr, Senior Vice President of CP Group. “The location is incomparable, and we look forward to reintroducing these renowned buildings to the market.”

Eric Ross, Sabrina Gibson, and Steward Thrash of CBRE have been tapped as leasing agents for One and Two Ravinia.

Enhancing One Overton’s Strengths

One Overton Park is a 15-story LEED Gold, best-in-class building totaling 387,267 square feet. It is one of the newest Class A assets in the Cumberland submarket, with unmatched access to I-75 and I-285.

CP Group will fully renovate the building lobby and upgrade the multi-tenant corridors and restrooms while implementing its premier tenant experience program. Known for its notable signage and visibility along I-75, the upgrades will support One Overton Park’s image as one of the most prestigious properties in the submarket.

Kevin Driver, Billy Graddy, and Ben Hautt of Stream Realty will serve as the leasing agents for the building.

New Name, Same Team

CP Group announced its name change from Crocker Partners earlier this month in an effort for the brand to be more representative of its growth into one of the country’s premier owner-operators and developers of commercial real estate. The organization now employs nearly 200 employees and owns and manages a portfolio spanning more than 12 million square feet.

ABOUT CP GROUP
Active in the commercial real estate business for over 35 years, CP Group, formerly Crocker Partners, 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 154 properties, totaling 45.9 million square feet and representing $5.4 billion invested. They are currently Florida’s largest and Atlanta’s third-largest office landlord and rank 39^th largest in the United States. Headquartered in Boca Raton, Florida, they have regional offices in Atlanta, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com. 

ABOUT FARALLON
Farallon Capital Management, L.L.C., is a global institutional investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990.  Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation.  Farallon manages approximately $35 billion and employs approximately 230 employees.  More information on Farallon is available at www.faralloncapital.com.