With its hulking size and distinctive silhouette, Bank of America Plaza is a defining feature of Atlanta’s skyline.
But aside from those who work there, the insides of the city’s tallest building are harder to picture for most Atlantans. The building’s owner is spending tens of millions of dollars to try to change that, emphasizing hospitality and exclusive views.
Florida real estate firm CP Group announced Monday it has partnered with Episcope Hospitality to rethink the 55-story tower’s restaurants and gathering spaces. The plans include a new signature restaurant and bar, a gourmet market and cafe and a 37th-floor club for the tower’s office tenants.
Credit: Jason Getz / Jason.Getz@ajc.com
Credit: Jason Getz / Jason.Getz@ajc.com
It’s the latest phase of CP Group’s efforts to breathe new life into a skyscraper some call “The Pencil Building,” which is grappling with decreased office occupancy from its heyday. The firm has invested more than $55 million into the tower since 2022, and the hospitality phase will add another $15 million to that tally.
“We’ve invested heavily in transforming the building, and bringing on a hospitality partner like Episcope allows us to build on that momentum with experiences that benefit both tenants and the broader community,” Chris Eachus, founding partner of CP Group, said in a news release. “These enhancements reinforce our commitment to creating an environment that meets the needs of today’s professionals and the way they work.”
Episcope operates hospitality concepts in New York, Boston, Chicago and Las Vegas, but it’s best known for its work at New York City’s Penn District. Bank of America Plaza will be the Chicago-based company’s first Atlanta project. The partnership was first reported by the Atlanta Business Chronicle.
A shuttered food hall in the tower’s west wing will be replaced with an 8,000-square-foot restaurant and bar. The concept’s name has not been released, but the companies said in the news release that its design is inspired by “the world’s finest hotel lobbies.” The market and cafe is planned for an adjacent space, while Episcope will also assume operations of the building’s lobby barista cafe called Spire Espresso + Spirits.
The lobby underwent a $50 million refresh in 2023, which was when Atlanta’s office market was especially struggling after the COVID-19 pandemic disrupted workplace norms and leasing habits for companies. While there’s still a lot of vacancy in the metro area, leasing activity has begun to recover, sparking optimism from brokers and investors searching for opportunity if an office upswing is on the horizon.
CP Group’s investments in Atlanta office space have been unmatched in the 2020s. It helms the revamp of the former CNN Center into a mixed-use project called “The CTR.” The company also acquired Buckhead’s largest office complex called Piedmont Center out of foreclosure, planning to reposition some of it as medical office space.
The 37th-floor tenant club at Bank of America Plaza will feature amenities focused on office users looking to schmooze clients, ranging from catering and delivery options to panoramic views of the city. The tenant lounge is expected to open by late 2026, while the ground-floor additions are targeting early 2027.
Credit: Courtesy CP Group
Credit: Courtesy CP Group
CP Group, which paid about $380 million in 2022 to buy Bank of America Plaza, did not disclose its occupancy, but multiple floors are empty. About a third of all office square footage in metro Atlanta is either empty or available to lease, according to data from real estate services firm CBRE.
Eachus told the “Sunbelt Developers” podcast earlier this summer that Bank of America Plaza could get a new feature focused on tourism: an observation deck on the tower’s vacant penthouse floor.
The endeavor, which does not involve Episcope, is still in early planning stages and has not been finalized.
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