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Press Releases

CIM GROUP BRINGS FASHION INDUSTRY TO THE HEART OF DOWNTOWN LOS ANGELES WITH LEASE TO EVY OF CALIFORNIA AT GAS COMPANY LOFTS

11/9/2009


LOS ANGELES—November 9, 2009—CIM Group has signed Evy of California to a seven-year lease for the 15,183-square-foot historic grand lobby of the former Southern California Gas Company headquarters, now the Gas Company Lofts, at 810 S. Flower in downtown Los Angeles. Evy of California, a Los Angeles-based manufacturer and wholesaler of Junior tops, sportswear, denim and girls' apparel, is the first to venture out of the garment district, relocating its showroom, designers, marketing, sales and executive staff to the central business district.

"The historic lobby has beautiful ceiling moldings, mosaics and other architectural details consistent with the building's Renaissance Revival style. It will be a dramatic and welcoming environment for us to showcase our designs. The location also is more convenient with easy access, ample parking and abundant nearby restaurants, shops, hotels and entertainment venues. It's an appealing destination for our employees and our global business associates and customers," said Kurt Krieser, CEO, Evy of California.

In business for over 60 years, Evy of California is a leading design house for Junior and Girls Sportswear specializing in branded, licensed and private label apparel. With a customer base of over 70 national and regional retailers, Evy has focused in recent years on its fast growing department store brands, Fleurish Clothing, a key department store Junior fashion brand, and Jalate Regulated Denim, an iconic denim and non-denim bottoms line. Additionally, Evy is a key partner with Sanrio on the Hello Kitty license, and works with other major licensing companies and property holders.

"Evy of California's move to the central business district is another significant milestone in the evolution of Los Angeles as the fashion industry has traditionally clustered east of the downtown core in the garment district," noted Jeff Kreshek, principal, CIM Group. "We strategically marketed this space to creative businesses that would appreciate its character and historic significance."

In 2004, CIM Group completed an historic restoration and renovation of the former headquarters buildings at 800, 810 and 820 S. Flower as a mixed-use development featuring the 251-unit Gas Company Lofts above 22,500 square feet of street-level restaurants, shops and businesses.

The company recently completed work on the last headquarters building at 830 S. Flower, restoring the façade and canopy, windows, lobbies and other historic features. Built in the 1950s it is located at the southern end of the block at the corner of Flower and Hope Streets. 830 S. Flower now offers 19,000 square feet of ground floor commercial space, 16,000 square feet along Flower and 3,000 square feet on Hope, with the remainder of the building converted to parking, with 600 stalls to serve the commercial space tenants and the Market Lofts and Gas Company Lofts residents. The resident parking is secured with controlled, card key access on the upper floors while the public parking is at the ground and lower level.

Adjacent to the Gas Company Lofts complex CIM, in partnership with Lee Homes, developed the six-story Market Lofts condominiums built above the 50,000-square-foot Ralphs Fresh Fare the area's first full-service supermarket in more than 50 years, considered a pivotal component in the transformation of downtown Los Angeles. Additional retailers and restaurants at the Market Lofts complex include Coffee Bean and Tea Leaf, Quiznos, Coldstone Creamery, Robek's, Pastagina and a UPS Store. Following its urban investment model, CIM Group has made numerous acquisitions in the South Park region of downtown Los Angeles which have included the renovation of several former office buildings into mixed-use developments.

CIM Group was represented in the transaction by a team of Jones Lang LaSalle brokers, Tim Miller, John McAniff, Paul Sablock, Barry Hill, Greg Matter and Zac Sakowski. Evy of California was represented by Silvia Chacon Crawford and Tom Walsmith of Commercial Property Group.

About Evy of California

Started in 1948, Evy of California is a top design house of Junior and Girls' apparel with a customer base focused in Department Stores, Midtier and Mass retailers and Specialty chains. With offices in Los Angeles, New York City, Seattle, Puebla, Mexico and Shanghai, China, Evy is a cutting edge design, sourcing and manufacturing company that leads in speed to market execution, quality, sustainability and ultimately transparency of business practices. In addition to being a premier Girls' branded sportswear resource for over 50 years in its Pirouette, Kidture and 22nd St labels, Evy is a key licensee for Hello Kitty, Skelanimals, and Pucca amongst others. The company also owns and operates Fleurish Clothing, a Junior fashion division and Jalate Regulated Denim, a branded line of constructed bottoms and jackets. All of Evy's products are designed, engineered and sourced with pride in the Los Angeles headquarters.

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. Headquartered in Los Angeles, CIM maintains regional offices in the Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.



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