CP Group has acquired Bank of America Plaza, a 55-story Class-A office tower in the heart of Midtown Atlanta, in a joint venture with funds managed by HPS Investment Partners, LLC. The purchase price was not disclosed.
Bank of America Plaza is a nationally recognizable office tower comprising over 1.35 million square feet of premium space.
The property, which has been an enduring fixture of Atlanta’s Midtown submarket since its construction in 1992, boasts a prime location and a mix of both top-tier traditional and tech-focused tenants.
It is currently occupied by anchor tenants including Bank of America and national law firm Troutman Pepper.
“We are proud to acquire one of Atlanta’s most recognizable landmarks in Bank of America Plaza,” said Chris Eachus, Partner at CP Group.
“This asset stands to benefit from the exponential growth in economic development and corporate relocations to Atlanta, and more specifically Midtown. We look forward to applying our unrivaled operational expertise and deep knowledge of the Atlanta market to unlock even more value at this iconic property.”
CP Group plans to launch a $50 million capital improvements program which will include a complete overhaul of the lobby, development of an on-site high-end restaurant and 100,000 square feet of customizable prebuilt office suites, as part of CP Group’s in-house flexible workspace program, worCPlaces.
Current amenities at Bank of America Plaza already include an expansive 10,000 square feet of newly renovated conference center space with breakout rooms, comprehensive fitness center, newly constructed food hall, on-site bank branch, and salon.
Bank of America Plaza is in the heart of the Midtown submarket – a fast-rising tech, commerce, and cultural hub. The area is home to Georgia Tech, as well as an expansive business community, which now includes 23 Fortune 500 companies – including Anthem Blue Cross Blue Shield, Google, Meta, Microsoft, and Norfolk Southern – as well as proximity to Atlanta’s Tech Square, which contains the highest density of startups and established innovators in technology in the Southeastern U.S.
The acquisition of Bank of America Plaza closely follows CP Group’s acquisition of Buckhead Centre – a two-building office campus in Atlanta’s Buckhead Village submarket – as well as the acquisition of CNN Center, the iconic tower in downtown Atlanta, in July 2021.