LOS ANGELES - CIM Group and the Lee Group are partnering on another major downtown Los Angeles development, the first to combine luxury housing with Class A office space in one building, the 801 South Grand office tower. The renovation and repositioning of the 22-story building maintains its Class A office environment while adding condominiums on upper floors and new ground floor retail. CIM Group acquired the 474,346-square-foot building from Shuwa in 2003. CIM Group has responsibility for the new ground floor retail and the first 10 floors of office space with the Lee Group turning the top 11 floors into luxury condominiums to be called Sky at 801.
"Downtown needs to maintain its business base while adding residential units. 801 South Grand presents the ideal opportunity for us to be the first to blend first-class office space with luxury housing," said Shaul Kuba, principal, CIM Group. "It is a modern office building in a location that serves equally well as a premier business address and centrally located residential option."
Built in the mid-1980s its ample parking and state-of-the-art building systems support both uses. CIM and the Lee Group are reconfiguring the space to separate parking levels, elevator banks and entrances for the office and housing components. Employees and homeowners will enjoy ample nearby shopping and dining choices and easy access to public transportation.
"Housing demand continues to exceed supply and downtown Los Angeles offers an attractive option and urban lifestyle," observed Jeff Lee, president of the Lee Group. "The building's floor-to-ceiling windows will provide residents with abundant natural light and spectacular views while the large floor plates allow us to create spacious and comfortable living spaces."
The Lee Group's $40 million renovation will create Sky at 801, 132 luxury condominiums featuring sweeping city views, from the ocean to the mountains. Configured as one- and two-bedroom units, they will range in size from 1,066 to 2,094 square feet. The private lobby includes a large common area that residents can use for parties, a gym and a nine-person theatre for private screenings. The sales office will open at the building in July and housing units are expected to be complete and available for occupancy in January 2006. Additional information is available at www.801grand.com.
CIM Group and the Lee Group have been developing for-sale housing in downtown Los Angeles since 2002 with the creation of the Flower Street Lofts. Today they are currently under construction on the second phase of CIM's South Village project, with 267 condominiums over a Ralphs grocery store and other street retail. The partnership also has taken reservations for 45 of the 66-unit Grand Lofts and in July, they will begin construction on the 106-unit Olive Street Lofts.
CIM Group and the Lee Group partnership account for more than 1,600 housing units completed, under construction or planned in the South Park area of downtown Los Angeles.
About the Lee Group
The principals of The Lee Group have been developing residential communities since 1957. The focus of the Los Angeles-based company is for-sale single and multi-family housing in urban infill locations and its homes range from those designed for first-time buyers to luxury residences such as those under construction at Playa Vista.
About CIM Group
CIM Group is an integrated, full service real estate investor with in-house acquisition, development, finance, leasing, and management capabilities. CIM Group directs its efforts towards districts of high population density, including the downtown areas within large cities, smaller "main street" districts within towns and suburban cities, and other locations which lie within the metropolitan areas of the country. Since its inception in 1994, CIM Group has been a leading force in the creation of great streets in the cities of Santa Monica, San Diego, Pasadena, Brea and Hollywood.