CP Group JV Buys Atlanta Campus for $200M in Foreclosure Sale

June 4, 2025

The previous owner paid almost double for the asset in multiple separate transactions.

Exterior shot of a multi-story office building, part of Piedmont Center campus — CP Group plans to reposition Piedmont Center into a hospitality-driven workplace property. *Image courtesy of CommercialEdge*

CP Group has acquired the 2.2 million-square-foot Piedmont Center, an Atlanta office campus, in an all-cash deal. The company partnered with Austria-based Bawag Group to buy the asset for $200 million at a foreclosure sale, according to the Atlanta Business Chronicle.

The Ardent Cos., Piedmont Center’s previous owner, purchased the asset between 2016 and 2021 for a total of $379.5 million, according to CommercialEdge information. Morgan Stanley Bank issued a $330.8 million note in 2021, which was due to mature in 2023.

However, the lender filed to foreclose earlier this year, Atlanta Business Chronicle reported. Bawag already held a portion of the debt, but acquired the remaining loan volume last week.

Located on 46 acres at 3575, 3565, 3535, 3525 and 3497 Piedmont Road NE, the 14-building campus is in Atlanta’s Buckhead neighborhood, about 10 miles north of the downtown area. U.S. Route 19 runs less than 1 mile away from the property.

Following the acquisition, CP Group plans to invest in a capital improvement program, repositioning Piedmont Center through revamped lobbies and conference centers, as well as larger gyms. Additional enhancements will include upgrades to the outdoor and common areas, as well as the introduction of high-end spec suites.

Built between the late ’70s and late ’90s, Piedmont Center features floorplates ranging from 17,850 to 106,358 square feet. Amenities comprise multiple gyms, conference facilities, tenant lounges and green spaces encompassing walking trails. The campus was 62.6 percent leased as of March.

CP Group’s office repositioning efforts in Atlanta

CP Group’s metro Atlanta office footprint rose to more than 8 million square feet following this purchase. Together with HPS Investments Partners, the company owns the 1.4 million-square-foot Bank of America Plaza, where a law firm agreed to occupy 94,000 square feet last December. The tower also underwent a renovation effort in 2023.

The Center, formerly CNN Center, is another office property that CP Group repositioned. Encompassing nearly 1.2 million square feet, the rebranded building started leasing last year for the first time in four decades.

Atlanta’s affordable office assets attract investment

Greater Atlanta’s office investment volume clocked in at $320 million during the first four months of the year, according to the latest CommercialEdge report. Assets traded on average for $127 per square foot, lagging the national figure of $191.

However, the metro’s sheer sales number edged all other Southeastern markets, outperforming Tampa, Fla. ($188 million), Miami ($187 million), and Nashville, Tenn. ($45 million).

Atlanta Braves Holdings Inc. contributed to the metro’s workplace investment through its $93 million acquisition of a 763,465-square-foot campus in early April. Rubenstein Partners sold the asset.