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One of Atlanta's larger office landlords is taking ownership of Downtown's iconic CNN Center.
Boca Raton, Florida-based CP Group, formerly Crocker Partners, announced Thursday it had acquired CNN Center along with its partner, Miami-based Rialto Capital Management, for an undisclosed sum. The Fulton County Board of Assessors valued CNN Center at more than $122M this year.
WarnerMedia has leased the 1.2M SF property back “for a number of years,” according to a press release. WarnerMedia previously said that it would lease CNN Center back for up to five years until it ultimately moved operations to the Techwood area in Midtown, where the communications giant already owns a number of buildings for its TNT and Cartoon Network divisions.
“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,” CP Group partner Chris Eachus said in a statement.
A WarnerMedia spokesperson declined to comment.
A CP Group spokesperson confirmed the sale doesn't include the Omni Atlanta Hotel at CNN Center, nor did CP Group acquire any of the connected State Farm Arena, where the NBA's Atlanta Hawks, currently in the Eastern Conference finals for only the second time, play their home games.
The closing comes a year after WarnerMedia announced plans to sell its longtime home in Downtown Atlanta. AT&T, in the midst of spinning off WarnerMedia to Discovery, bought the land and air rights last month from the state of Georgia for $18.8M.
CP Group has an extensive office portfolio in Metro Atlanta, including Cumberland Center II and 3225 Cumberland in the Galleria submarket, Ashford Perimeter and 5600 Glenridge, both in Central Perimeter. Last month, CP Group purchased One and Two Ravinia Drive in Dunwoody as well as One Overton Park in Cumberland — totaling 1.3M SF — for more than $215M combined.
CP Group and Rialto didn't reveal what they plan to do with CNN Center, but the companies noted the property is next to the planned $5B redevelopment of The Gulch, where CIM Group plans to turn a sea of asphalt into a mix of offices, retail, apartments and hotels it has dubbed Centennial Yards.
“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,” Eachus said. "Thanks to corporate relocations and expansions, Atlanta’s forecasted economic growth is a standout among major metropolitan areas."
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