CP Group Eyes Atlanta Office Campus Revamp
The transformation of the 2.2 million-square-foot property will begin later this year.
CP Group has revealed its master plan for the revamp of Piedmont Center, a 2.2 million-square-foot, 14-building office campus in Atlanta’s Buckhead business district. Expected to begin later this year, the redevelopment will transform the 46-acre complex from a typical business hub into a mixed-use destination.
CP Group, which owns and operates office properties across the Sunbelt, acquired the property for $200 million in a foreclosure sale last June. The purchase was in partnership with Austria’s Bawag Group and was nailed down for around half of what previous owner Ardent Cos. had paid between 2016 and 2021.
CP Group’s plans call for the company to create an amenity-rich environment, one early part of which has been to introduce food-truck programming.
More strategically, the new owner intends to develop a walkable retail and dining corridor along Piedmont Road, including at least six restaurants and a collection of upscale stores. A team of Atlanta-based architecture and design firms, including Smallwood and ASD|SKY, will guide the transformation alongside placemaking strategists Of Place.
READ ALSO: Mixed-Use Design Trends
Planned enhancements will also feature hospitality-inspired lobbies at Buildings 14 and 15, expanded fitness and conference facilities as well as a new gateway entrance and arrival courtyard. In addition, a centralized amenity center will connect parking decks to sport courts and feature a fitness facility, a flexible event space, wellness amenities and a leasing center.
CP Group also intends to deliver about 42,000 square feet of move-in-ready spec suites across the property. Founding Partner Chris Eachus said, in a prepared statement, the firm is not just updating an office park but rather building a destination.
Office campus slated for revamp
Developed between the late ’70s and late ’90s, Piedmont Center has floorplates ranging from 17,850 to 106,358 square feet. Amenities comprise multiple gyms, conference centers, tenant lounges and green spaces encompassing walking trails.
The campus has witnessed 83,000 square feet of recent office leasing activity with both new and existing tenants. Deals included the expansion of Buckhead Investment Partners’ footprint to 19,576 square feet and ScottMadden Inc.’s lease renewal for 10,871 square feet.
A Stream Realty Partners team of Managing Directors Bryan Heller, Preston Menning and Glenn Kolker, together with Vice President Parker Welton and Senior Associate Lauren Slappey, represented CP Group in all transactions.
Good figures for Atlanta’s office market
Atlanta’s overall office market seems to be humming along well enough, with 1.4 million square feet of new leasing in the fourth quarter, according to a Cushman & Wakefield report. Renewals too were strong, at 1.2 million square feet in the fourth quarter.
In Buckhead specifically, overall vacancy was 28.2 percent, a decline of 79 basis points from the previous quarter. The submarket benefitted from the CBD’s strongest quarterly absorption, driven by the 79,072-square-foot relocation and expansion of SouthState Bank.
You must be logged in to post a comment.