The new owners of Atlanta's tallest building are investing to upgrade the iconic office tower that's been part of the city's skyline since the early 1990s.
After acquiring Bank of America Plaza for $380 million in 2022, CP Group spent $50 million on a capital improvement project in 2023 to improve the skyscraper's functionality and update the building for potential tenants. The transformation was recognized as a winner of a 2024 CoStar Impact Award for redevelopment of the year in Atlanta, as judged by real estate professionals familiar with the market.
The tallest building in the Southeast, the 1,023-foot Bank of America Plaza became one of the city’s most in-demand office buildings when it opened in 1992, though its fortunes have declined in recent years as it has struggled with elevated vacancy rates and what some residents have called an outdated design.
The facelift is intended to entice prospective tenants with a high-end redesign, improved amenities and the inclusion of speculative office suites that will allow the owner to execute short-term deals. CP Group also has the advantage of having two large tenants that are locked into long-term leases, with law firm Troutman Pepper Hamilton Sanders occupying 201,000 square feet and Bank of America leasing 183,000 square feet.
About the Project: CP Group hired Gensler Atlanta and Holder Construction to overhaul the building's lobby, which pays homage to the art deco revival style but with a contemporary look. The new-look lobby features a bespoke coffee bar, versatile workspaces and an art gallery with rotating pieces selected by an in-house curator. The capital improvement plan also includes 13 new prebuilt office suites ranging from 4,000 square feet to 25,000 square feet and totaling 100,000 square feet. The suites were completed via CP Group's in-house flexible workspace program, worCPlaces. Last but not least, CP Group plans to introduce an on-site, high-end restaurant with indoor and outdoor seating and convert the 55th floor into an event space and lounge.
What the Judges Said: "The capitalization improvement project at [Bank of America Plaza] was critical in taking one of Atlanta's most iconic skyscrapers and bringing it to where it needed to be to compete with much of the new office product that has come out of the ground over the past few years," said Scott Amoson, associate field research director at CBRE. "In a time where flight-to-quality commands pretty much all of the demand in the office market, it is crucial for landlords of older product to modernize and bring more amenities to their buildings in order to capture the limited demand in the market."
"This building is Atlanta's most iconic, and revitalizing and upgrading this property demonstrates a belief in the urban core," said Christa DiLalo, director of research at Cushman & Wakefield. "CP Group's improvements and additions were made with the modern workforce in mind."
"Revitalizing iconic buildings allows us to maintain a recognizable skyline," added Sergio Garate, professor at the Emory University Goizueta Business School. "The project brought back an outdated building in a vibrant location that will benefit from the arrival of private equity, law firms and banks."
They Made It Happen: Chris Eachus, Scott Barr, Ryan Howard, Jake Sixour, Jennifer Lane and Brock Gallman of CP Group; Jeff Keppen and Nicole Goldsmith of CBRE; Greer Gallagher of Holder Construction; and Kevin Songer of Gensler.