CP Group’s $50 Million Capital Improvements Program Underway at Bank of America Plaza Skyscraper in Atlanta

Staff Report

Friday, August 4th, 2023

CP Group, a vertically integrated commercial real estate and management firm, today announced that renovations are now underway at the iconic Bank of America Plaza in the heart of Midtown Atlanta. The renovations are part of an approximately $50 million capital improvements program, which CP Group announced in 2022upon acquiring the 55-story Class A skyscraper in conjunction with funds managed by HPS Investments Partners, LLC.

Standing as the tallest and brightest beacon in the Southeast with its one-of-a-kind golden spire shining across the Atlanta skyline, CP Group is reintroducing the building as “The South Star” – a prestigious workplace experience of the future and community destination for Atlanta at a scale that matches its stature. See Atlanta’s most iconic tower in a whole new light as it reintroduces itself to Atlanta here.

“We are proud to officially put shovels in the ground on this transformative repositioning of an iconic landmark,” said Chris Eachus, Partner at CP Group. “The skyscraper has received widespread recognition for decades, but today marks a new chapter to take the building’s offerings one step higher and ensure it remains a top destination for businesses looking for exceptional workplace experiences for their teams.”

CP Group engaged global architecture firm Gensler to oversee the building’s redesign and Holder Construction to lead the efforts, which includes a complete overhaul and hospitality focus to its 20,000-square-foot lobby. The new lobby design pays homage to the architectural Art Deco revival style of the building’s original design by Kevin Roche with a contemporary appeal.

An upscale, barista-operated coffee bar will offer a variety of specialty coffees and light snacks. Additionally, a versatile huddle-and-focus workspace will serve as a touchdown area for guests or tenants seeking a change of scenery. A nearby gallery will showcase rotating art installations selected by CP Group’s in-house art curator in collaboration with local institutions.

CP Group is also exploring plans to develop an onsite, high-end restaurant and renovate the renowned 55th floor into an event space and tenant lounge, which offers unmatched panoramic city views.

"Our design aims to reconnect the tower to the pedestrian and street activity,” said Kevin Songer, Co-Managing Director for Gensler Atlanta and the Principal-in-Charge of the Bank of America project. “We wanted to bring the ‘golden glow’ from the building top to the ground level, letting that be the light inviting tenants and visitors from the plaza into the reimagined ground lobby of this iconic Atlanta tower."

CP Group recently completed 100,000 square feet of move-in-ready spec suites as part of its flexible workspace program, worCPlaces, which includes 13 new suites ranging in size and configuration to accommodate any sized business or enterprise company. CBRE’s Jeff Keppen and Nicole Goldsmith exclusively serve as leasing agents for the building.

Bank of America Plaza is a nationally recognizable office tower that defines the Atlanta skyline. With over 1.35 million square feet of premium workspace, it is the tallest building in the Southeastern United States and the 23rd tallest in the U.S.

Current amenities at Bank of America Plaza include an expansive 10,000 square feet of newly renovated conference center space with event and breakout rooms and best-in-class technology, a premier 17,000-square-foot fitness club, a food hall, an onsite bank branch, and a salon.

Ideally situated in the heart of the Midtown submarket, Bank of America Plaza benefits from its location in a fast-rising tech, commerce, and cultural hub. The area is home to Georgia Tech and a business community with over twenty Fortune 500 companies, such as Anthem Blue Cross Blue Shield, Google, Meta, Microsoft, and Norfolk Southern. The office tower is also close to Atlanta’s Tech Square, which contains the highest density of startups and established technological innovators in the Southeast.

The acquisition of Bank of America Plaza preceded CP Group’s acquisition of Buckhead Centre — a two-building office campus in Atlanta’s Buckhead Village submarket — in February 2022 and its acquisition of CNN Center in July 2021. The firm’s activity in Atlanta represents an extension of its ongoing national strategy of identifying and acquiring undervalued, best-in-class office assets in dynamic urban markets spanning the Southeast and Southwest United States.