HOLLYWOOD—September 4, 2007—The Grauman's Chinese Theatre, an international icon and one of Los Angeles' most popular tourist attractions, has been acquired by a CIM Group fund. CIM Group is a Los Angeles-based national real estate company that also owns the adjacent Hollywood & Highland Center. Built in 1927 by Sid Grauman the Theater has international prominence as the epicenter of Hollywood and showcase for glamorous Hollywood movie premieres. With more than 200 celebrity hand and foot prints, its Forecourt of the Stars attracts approximately 19 million visitors each year.
"We have been very interested in purchasing the property since we acquired Hollywood & Hollywood," said John Given, principal, CIM Group. "Our ownership cements the relationship that exists between the Theatre and the Hollywood & Highland Center."
Grauman's Chinese Theatre is one of the most recognizable buildings in the world. Soaring 90 feet, its signature pagoda-inspired entrance features two immense coral red columns topped by wrought iron masks which hold aloft the bronze roof. Between the columns is a 30-foot high dragon carved from stone. Guarding the theatre entrance are two giant stone Heaven Dogs, original artifacts brought from China by Grauman. In addition, he engaged Chinese artisans who created many pieces of statuary that eventually became the Forecourt of the Stars. Protected by 40-foot curved walls and copper-topped turrets, the Forecourt is flanked by 10-foot tall lotus-shaped fountains.
The 43,310-square-foot theatre and its ornate interior have been completely renovated and retrofitted for earthquake safety. The 1,162-seat theatre maintains its prominence as a top destination for the most prestigious movie premieres.
CIM Group acquired Grauman's Chinese Theatre from the Damon Runyon Cancer Research Center and Barlow Respiratory Hospital. The property is subject to an existing long-term lease with Mann Theatres. The sellers were represented in the transaction by Chris Hoffman and Rikki Keating of Eastdil Secured.
In February 2004, CIM Group acquired the Hollywood & Highland Center and the Renaissance Hollywood Hotel. Hollywood & Highland Center has 387,000 square feet of national and local fashion and luxury retailers, some of Hollywood's hottest clubs and restaurants and the 3,400-seat Kodak Theatre. Since acquiring the center, CIM Group has added a collection of premier retailers. Opening in time for holiday shopping will be a 3,700-square-foot flagship Louis Vuitton which joins other top retailers such as Guess?, XXI Forever, BCBG Max Azria, and Virgin Megastore's 20,000-square-foot west coast flagship. CIM also has made substantial improvements to the Hollywood & Highland Center with escalators to transport guests from Hollywood Boulevard to all four levels of the center, enhanced lighting and signage and an interactive water feature in the center courtyard. Across the street from the Hollywood & Highland Center, CIM has signed two of the most sought after retailers, H&M and Zara.
The firm and its funds own numerous properties throughout Hollywood including the TV Guide Hollywood Center office building, the adjacent 7021 Hollywood Boulevard and 7001 Hollywood Boulevard retail complexes, the Hollywood & Cherokee retail complex, and the 7083 Hollywood Boulevard office building, as well as the Hollywood Professional Building at 7046 Hollywood Boulevard and the Sunset & Vine tower, both currently being transformed into luxury apartments.
About CIM Group
Founded in 1994, CIM Group is a full-service private equity real estate investor. The company applies its multidisciplinary expertise in the areas of investment and development, mezzanine financing, fund management, commercial leasing and property management. CIM has successfully identified and invested in some of the most vibrant transitional urban districts in North America based on its integrated approach to investing that utilizes its broad based in-house capabilities and deep market knowledge.
CIM specializes in high-density urban communities, bringing its extensive real estate experience to a diverse array of asset categories including mixed-use, office, retail, hotel, entertainment and multifamily. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda, Maryland. More information on CIM can be found at www.cimgroup.com.