ATLANTA — A South Florida-based firm announced Thursday it had acquired the CNN Center in Downtown Atlanta, a year after CNN's parent company WarnerMedia said it would be looking to sell the iconic facility.
The firm, CP Group, said WarnerMedia will lease back the CNN Center "for a number of years." The company did not specify how long, though WarnerMedia said in a statement last year that they would lease the building back for a minimum of five years once it had been sold.
“The CNN Center is one of Atlanta’s most iconic landmarks and we look forward to embracing the opportunity to strategically transform the asset and build off the city’s current momentum,” CP Group Partner Chris Eachus said in a statement.
CP Group said it had completed the acquisition of the 1.2 million square-foot facility through a partnership with Miami-based Rialto Capital Management. CP Group is one of the largest owner-operators of commercial real estate in the Southeast.
The company's holdings include 10 Atlanta-area properties. Three of their metro Atlanta holdings, in the Cumberland area and in Dunwoody, were purchased in May.
The company said the acquisition of the CNN Center makes them the second-largest office holder in Georgia.
“Many markets across the Sun Belt and the Southeast continue to attract large numbers of new jobs and residents following the pandemic, but Atlanta is uniquely positioned for success in the coming years. Thanks to corporate relocations and expansions, Atlanta’s forecasted economic growth is a standout among major metropolitan areas,” Eachus said.
CNN said last year it would be moving much of its operations over to its Techwood campus.
Though not the first building for CNN, the current location adjacent to what is now Centennial Olympic Park has been the headquarters for decades. Only a few years ago, the road that runs in front of it was renamed to honor CNN founder Ted Turner.