**CP Group and Bawag Group Acquire Piedmont Center, Plan Major Revamp into Hospitality-Driven Campus**
Austrian financial institution Bawag Group, in partnership with CP Group, has acquired the 2.2 million-square-foot Piedmont Center office park in Atlanta’s Buckhead neighborhood for $200 million at auction.
The acquisition follows a foreclosure filing earlier this year by Morgan Stanley, which held a $330.8 million loan on the property. The investment bank alleged that previous owner Ardent Companies had defaulted on the debt. Ardent initially acquired the campus through multiple transactions between 2016 and 2021, spending approximately $379.5 million. Morgan Stanley provided the loan in 2021, and it was set to mature in 2023.
With the purchase finalized, CP Group plans to immediately begin a master planning and capital improvement program aimed at repositioning Piedmont Center as a modern, hospitality-driven office campus. Planned upgrades include new dining and beverage concepts, redesigned lobbies and conference centers, enhanced fitness facilities, and revitalized outdoor and shared spaces. The firm will also introduce high-end speculative suites — fully built, move-in-ready office spaces tailored to contemporary workplace demands.
As of March, Piedmont Center was 62.6% leased, with significant opportunity for growth as the redevelopment unfolds.
