CP Group is ready to take on the tall task of reviving the former CNN Center, an Atlanta landmark that’s mostly vacant save for a few food court tenants.
The Florida-based firm, in partnership with Rialto Capital Management, will take full control of the office building on July 1, following the expiration of CNN’s lease. The firms aim to breathe life into the 1.2 million-square-foot complex, at 190 Marietta Street Northwest, with hopes of turning it into a vibrant hub of retail, office and production spaces, the Atlanta Business Chronicle reported.
CP Group’s immediate focus is the ground-floor retail space, spanning 45,000 square feet. The company plans to triple the ground floor in size to attract local and national food-and-beverage operators. The firm has already received significant interest from potential retailers, said CP Group partner Chris Eachus.
Drawing inspiration from bustling districts like Nashville’s Broadway and Austin’s Sixth Street, CP Group is collaborating with Atlanta architect TVS to redesign the complex, which will be rebranded as The Center.
The firm believes a dynamic restaurant and retail environment will help fill the 30 floors of office space above the atrium. Despite a struggling office market in Atlanta, where vacancies neared 25 percent last quarter, CP Group is optimistic about filling the space, particularly by targeting production companies.
The Center, once the headquarters for CNN and Headline News, offers unique features such as vast production spaces, redundant power, freight elevators and high ceilings, making it an attractive option for production companies. The building could serve as a new hub for Georgia’s flourishing film industry, which has been seeking more diverse production spaces within the city.
The building’s prime location, with access to MARTA and proximity to significant redevelopment projects like Centennial Yards, positions it well for the future. In addition, Atlanta’s robust tourism industry, projected to surpass 60 million visitors annually by the decade’s end, is expected to drive demand for retail spaces.
With major events such as the World Cup on the horizon, CP Group anticipates a surge in downtown activity.
“The power of Downtown is so strong,” Eachus told the outlet. “But unless you are pulled into it, like we were that day, you don’t always know it.”
Atlanta’s downtown office vacancy sat at 34.5 percent in the first quarter, according to Avison Young. The high vacancy is attributed to robust office development, which delivered 8.6 million square feet across the metro between 2020 and 2022. Deliveries dropped drastically to 535,000 square feet last year, but another 2.4 million square feet are expected to come online by the end of next year.
—Quinn Donoghue