CP Group and Cohen & Steers Acquire ‘Buckhead Centre’ Office Buildings in the Heart of Atlanta’s Buckhead Village
Monday, February 28th, 2022
CP Group, the second-largest office landlord in Atlanta and a prominent owner and operator of office properties nationally, and the Private Real Estate Group of Cohen & Steers Capital Management, Inc. ("Cohen & Steers"), today announced their joint venture acquisition of Buckhead Centre in Atlanta, Georgia.
Located in Atlanta’s Buckhead Village, Buckhead Centre is comprised of two office buildings - an 8-story tower and adjacent 7-story tower - spanning 169,000 square feet. The structures are situated on two contiguous land parcels totaling over four acres, including an attached restaurant building and structured parking.
"Buckhead Centre represents an incredibly desirable office product in the heart of one of the most coveted and well amenitized neighborhoods in Atlanta," said Chris Eachus, Partner at CP Group. "The fortress location presented an ideal opportunity for us to further expand our Atlanta portfolio and unlock the buildings’ considerable potential."
CP Group plans to renovate and amenitize the buildings with a focus on improving the tenant experience. The property boasts an average office occupancy of 95% over the past 30 years due to its prime location offering both a high level of accessibility and proximity to a variety of amenities and housing options.
"Buckhead Centre is a great example of a well-located ‘surban’ property offering the appeal of a highly attractive suburban lifestyle combined with urban-like amenities," said James S. Corl, Head of Private Real Estate at Cohen & Steers. "We believe there is tremendous value in select Sunbelt properties like Buckhead Centre as business leaders and consumers are making new choices in how and where they work, live, play and shop."
The boutique office buildings are located directly on Peachtree Road and are nestled among some of the most desirable neighborhoods in Atlanta. Buckhead Centre is also within walking distance of an array of high-end shopping and entertainment options in the region, such as Buckhead Village District - which offers over 800,000 square feet of luxury shops, upscale dining, and Class-A residential and office.
CP Group will manage the building and leasing for the property will be handled by Steve Devinney, Billy Graddy and Jack Teken with Stream Realty Partners.
CP Group Remains Active into 2022
CP Group’s acquisition of Buckhead Centre follows a year of unprecedented activity, during which it purchased over five-million-square-feet, totaling $1.1 billion of best-in-class office assets in markets across the Southeast and Southwest U.S. Earlier last summer, CP Group announced the acquisition of CNN Center, the iconic tower in downtown Atlanta, and officially entered the Denver market with the acquisition of Granite Tower.
CP Group is one of the country's premier owner-operators and developers of commercial real estate. The organization now employs nearly 200 employees and has a portfolio spanning more than 15 million square feet.