JV Acquires Atlanta Suburb Office Portfolio

ATLANTA, GA – The joint-venture partnership of CP Group, formerly Crocker Partners, and Farallon Capital Management has acquired a three-property office portfolio in Atlanta from Franklin Street Properties Corp.

The three office towers total one million square feet of space in Atlanta, GA.

The acquired properties comprise One Ravinia and Two Ravinia within Atlanta’s Central Perimeter submarket, as well as One Overton Park in Atlanta’s Cumberland submarket.

One and Two Ravinia span a collective 797,649 square feet of space across two 17-story towers. The two buildings offer a conference facility, fitness center, café and outdoor workspaces. CP Group plans to reposition the two buildings by implementing lobby upgrades, café upgrades and renovations throughout. Within the buildings, the firm will additionally build out more than 53,000 square feet of its flexible workspace offering, worCPlaces, which will range from 1,500 square feet to 10,000 square feet.

At the 15-story, 387,267-square-foot, LEED Gold certified, One Overton Park, CP Group plans to fully renovate the building lobby, complete upgrades throughout and implement a tenant experience program.

CBRE’s Eric Ross, Sabrina Gibson and Steward Thrash have been retained as leasing agents for One Ravinia and Two Ravinia. Stream Realty’s Kevin Driver, Billy Graddy and Ben Hautt will serve as the leasing agents for One Overton Park.

“We are pleased to have been able to execute on this off-market opportunity and expand our Atlanta portfolio with three institutional-quality assets,” says Chris Eachus, a partner at CP Group. “As the economy and the office market continue to recover following the pandemic, the ability to acquire and add value to these well-known buildings presented both a well-timed and promising opportunity.”

“We are excited to partner with CP Group and bring new management to these three landmark properties,” states Rocky Fried, partner and head of real estate at Farallon Capital Management. “Atlanta’s Central Perimeter and Cumberland submarkets exhibit attractive market demographics, and we look forward to investing in the infrastructure and amenities offered at each location to take advantage of those trends and opportunities.”

The portfolio acquisition expands CP Group’s metro Atlanta office assets under management to total four million square feet. In addition to the recent acquisition, CP Group’s Atlanta portfolio also includes Paces West, Cumberland Center II, 3225 Cumberland, Lakeside Office Park, Ashford Perimeter and 5600 Glenridge.

The transaction represents the third investment from Farallon Real Estate Partners III. The fund closed in 2020 as the company’s latest fund in a series of funds, totaling more than $1.2 billion of committed capital.