**CP Group and Bawag Group Acquire Piedmont Center for $200 Million, Plan Major Redevelopment**
Austrian bank Bawag Group, in partnership with CP Group, has acquired the Piedmont Center, a 2.2 million-square-foot office park located in Atlanta’s Buckhead neighborhood, for $200 million at auction.
The acquisition comes after Morgan Stanley filed for foreclosure earlier this year on a $330.8 million loan tied to the property. The mortgage was originally issued in 2021 to Ardent Companies, the previous owner, and was set to mature in 2023. Ardent had acquired the property in phases between 2016 and 2021 for a total of $379.5 million.
Following the purchase, CP Group announced plans to launch a comprehensive master planning and capital improvement program aimed at transforming Piedmont Center into a premier, hospitality-driven office campus. Planned enhancements include new food and beverage offerings, upgraded lobbies and conference spaces, expanded fitness facilities, revitalized outdoor and shared areas, and the rollout of high-end speculative office suites that will be fully built and move-in ready.
As of March, the property was 62.6% leased. The redevelopment aims to boost occupancy and position Piedmont Center as a leading office destination in the Buckhead market.
