WASHINGTON, D.C.—December 10, 2007—CIM Group has acquired Union Square, a two-building office complex with a contiguous development site, from J.P. Morgan Investment Management. Located in the Capitol Hill North submarket, an area where CIM Group has made other significant investments, the property is two blocks from Capitol Hill and steps away from Union Station, the region's major transportation hub. CIM Group intends to develop the almost one-acre parcel located between the two existing buildings with an approximately 256,000-square-foot office building with ground floor retail.
The Union Square buildings, located at 825 and 941 N. Capitol St., NE, are within a submarket that CIM has identified for investment as it expects the area to improve and gain value as development continues to the north in the NoMa corridor. The two existing buildings, which are a combined 609,540 square feet, are 100 percent leased to the D.C. Government.
"The Union Square properties are a solid addition to our growing portfolio of assets in this market. The acquisition follows our district investment philosophy which creates the ability for us to enhance markets and add value," said Charles Garner, principal, CIM Group.
With this acquisition, CIM has investments in 1.15 million square feet of office properties in the area. The firm also is co-developer of CityVista, a catalytic mixed-use project located five blocks west of Union Square at the intersection of 5th and K Streets, NW. CityVista features 441 of the best-selling condos in the city, 244 luxury rental apartments, one-acre of rooftop green space and 116,600 square feet of retail including a 59,000-square-foot urban style Safeway slated to open in mid-2008.
Adding to the appeal of Capitol Hill North is the proximity of 14 modes of transportation at Union Station: Amtrak, Metrorail, Metrobus, VRE, MARC, tour buses, Metropolitan Branch Trail, University Shuttle Shop, Taxi Route, commercial bus, light rail, Downtown Circulator, tour/charter bus circulation, and rental car. The Capitol Hill North submarket is well-positioned as one of the most accessible areas in the city.
CIM Group has retained Akridge to handle property management at Union Square. Akridge redeveloped and repositioned Union Square in 1998 and has since served as property manager and leasing agent for the property.
About CIM Group
CIM Group is a leading investment firm that since 1994 has systematically and successfully invested in dynamic, transitional and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional districts; and infrastructure. CIM currently has more than $4.5 billion of available equity capital committed to invest. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda.