A joint venture between Florida-based commercial real estate company CP Group and funds managed by Miami-based Rialto Capital Management has acquired the CNN Center in downtown Atlanta. The purchase price was not disclosed.
The 1.2 million-square-foot building is located in the center of Atlanta’s Central Business District.
”WarnerMedia will lease back the CNN Center for a number of years,” CP Group said.
“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.
“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. Thanks to corporate relocations and expansions, Atlanta’s forecasted economic growth is a standout among major metropolitan areas,” Eachus added.
“For Rialto Capital, the CNN Center marks its sixth acquisition in 2021 of what it believes are the best mission-critical workspaces and mixed-use environments across the US and representing in total more than 3.2 million square feet of rentable area,” a company spokesperson said.
”Addition of globally recognized 1.2-million-square-foot property makes CP Group the second-largest office owner in Georgia,” said the company.