LOS ANGELES—February 4, 2008—CIM Group has sold the commercial portion of 801 South Grand, a 22-story office and residential tower in downtown Los Angeles, to Brickman, a real estate private equity firm. CIM Group acquired the 473,346-square-foot building in 2003 when it had a vacancy rate of 49 percent. Partnering with Lee Homes, CIM Group renovated and repositioned the high-rise building, converting the top 11 floors to luxury loft-style condominiums while retaining the lower 10 floors as Class A office space, and enhancing the ground floor retail. The condominiums, called Sky, are 100 percent sold.801 South Grand's 207,075 square feet of office space is stabilized with 84 percent occupancy.
CIM Group retains significant investments in downtown Los Angeles and is continuing its development of the multi-block South Village, which includes the for-rent Gas Company Lofts; the for-sale Market Lofts atop the Ralphs Fresh Fare; retail, restaurants, and parking; and several additional projects currently under construction and in development.
Located at 8th Street and Grand Avenue, the 801 South Grand building offers panoramic views with ample parking and state-of-the-art building systems. The residential and office components of the building feature separate and distinct lobby areas and parking.
Brickman is rapidly expanding its presence in the Los Angeles metro area. The firm acquired the 385,455-square-foot 915 Wilshire office building in early 2007 and holds an interest in 2600-2800 Colorado Avenue in Santa Monica. "Brickman projects continued strength in the Los Angeles office market and is very excited to have added 801 South Grand to the portfolio," noted Michael Bernstein, executive vice president, Brickman.
The Jones Lang LaSalle team of David Doupe, Peter Best, Larry Krasner, Baker Morphy and Cheri Pierce represented CIM Group in the sale.
Brickman is a real estate private equity firm that has acquired more than five million square feet of commercial real estate since its formation in 1992.The firm has invested more than $2.5 billion in more than 54 real estate transactions throughout the United States. Brickman's acquisitions and investments span a variety of property types including undeveloped land, office, multifamily and hotel properties as well as loans and preferred equity in real estate-related entities.The firm executives bring a comprehensive background and experience in originating, acquiring, financing, operating, developing, leasing and managing real estate-related investments. For more information, please visit www.brickmanre.com.
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, Maryland.For more information, please visit www.cimgroup.com.