CO2 (probably) did not fall until a few million years after the glaciation event which occurred between 33.6 million to 33.5 million years ago.
There is not a lot of CO2 estimates overlapping the period - the Zachos 2001 and Royer compilations show CO2 did not decline until between 32.2 million to 30.6 million years ago (high at 32.2 million, lower by 30.6 million but no estimates in between) - and a recent paper by Pearson 2009 has a dip about at the right time but it went up soon after and the glaciers survived.
Continental Drift needs to be taken into account to explain the event. Antarctica was connected to South America and Australia about 40 million years ago and the ocean currents mixed with mid-latitude and tropical ocean waters (keeping Antarctica warm enough in the summer so that large glaciers did not develop).
You can see an animation of the continental drift from the University of Texas plates project here (Power Point animation).
http://www.ig.utexas.edu/research/projects/plates/movies/akog.ppt
By 33.6 million years ago, enough separation occurred between Antarctica and the two other continents so that the Antarctic Circumpolar Current developed and Antarctica became isolated in a polar climate at the south pole. It rapidly glaciated over as this occured.
Here is a reconstruction of the ocean currents at 35 million years ago by Bijl et al 2009
Early Palaeogene temperature evolution of the southwest Pacific Ocean
Nature 461, 776-779 (8 October 2009) | doi:10.1038/nature08399;
http://www.es.ucsc.edu/~jzachos/pubs/Bijl_etal_09.pdf
http://img35.imageshack.us/img35/8862/antoceancurrents35m.jpg
Between 27 million to 14 million years ago, the glaciers on Antarctica receded substantially as there was some jostling of the small cratons between South America and Antarctica and the Circumpolar Current was disrupted again. The glaciers didn't match today's proportions again until about 2.5 million years ago.