Austrian bank Bawag Group, along with partner CP Group, paid $200 million at auction for Piedmont Center, a 2.2 million office park in the Buckhead neighborhood.
Commercial Edge reports Morgan Stanley filed to foreclose earlier this year on a $330.8 million loan tied to Piedmont Center, claiming former owner Ardent Cos. had defaulted on its mortgage. Ardent purchased the asset between 2016 and 2021 for a total of $379.5 million. Morgan Stanley issued a $330.8 million note in 2021, which was due to mature in 2023.
CP Group will immediately launch a master planning and capital improvement program to reposition Piedmont Center as a highly amenitized, hospitality-driven campus. Planned upgrades include the introduction of new food and beverage concepts, lobbies and conference centers, expanded fitness facilities, and revitalized outdoor and common areas. The firm also plans to introduce high-end spec suites that are fully built, move-in-ready offices.
As of March, Piedmont Center was 62.6 percent leased.
The post CP Group Turning Piedmont Center into Hospitality-Driven Campus appeared first on Connect CRE.
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