Peachtree Supplies $56M C-PACE Loan for Conversion of Former CNN HQ in Atlanta
By Andrew Coen June 26, 2026 9:49 am
reprints
Breaking news: A conversion of CNN’s former global headquarters is underway with fresh long-term capital in hand.
A joint venture between CP Group and Rialto Capital Management has secured a $56.4 million loan for the repositioning of the CTR building (previously known as CNN Center) in Downtown Atlanta, Commercial Observer has learned.
Peachtree Group originated the 30-year Commercial Property Assessed Clean Energy (C-PACE) debt to support the transformation of the 1976-built property into a mixed-use campus and retail district. The historic building, which had sat vacant since CNN relocated its operations to the Ted Turner Techwood Campus in Midtown Atlanta in early 2024, debuted a new 24,000-square-foot food hall this spring to coincide with the kickoff of the FIFA World Cup.
Jared Schlosser, head of credit originations at Atlanta-based Peachtree Group, said the deal was conducive to long-term debt like C-PACE due to the sponsors implementing a multiphase business plan at the 1.2 million-square-foot property that requires flexibility when building out. The C-PACE debt will be used to fund eligible improvements to the building including HVAC systems, lighting, plumbing infrastructure and LED media displays.
“When you have a multiphase business plan like this where you need timing and flexibility, C-PACE becomes a really good product that not everyone’s thinking about,” Schlosser told CO. “Whenever you’re taking a building that’s as old as this and you’re repurposing it, you’re going to naturally have a lot of PACE-qualifying items.”
Located at 190 Marietta Street NW and connected to State Farm Arena, the large-scale redevelopment project will involve activating 200,000 square feet of retail space in the property’s ground-floor atrium and installing some of the largest digital media displays in the Southeast. The upper floors of the center are slated to eventually feature office, hotel and residential use.
Schlosser said the retail component of the CTR project is well positioned for success given its proximity to many events held at State Farm Arena where the National Basketball Association‘s Atlanta Hawks play 41 home games a season. The property is also directly connected to an Omni Hotel and is steps from Mercedes-Benz Stadium, home of the National Football League’s Atlanta Hawks and Major League Soccer’s Atlanta United FC.
“It’s going to be great for when there are events at Mercedes-Benz Stadium and State Farm Arena as there’s a place to take your family now and go explore before you go to an event there,” Schlosser said. “There are a lot of tailwinds in Downtown Atlanta.”
CP Group and Rialto Capital Management did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
