AUSTIN, Texas – October 1, 2010— CIM Group, a Los Angeles-based real estate investment firm, is expanding the available office space at its Penn Field campus with the conversion of an existing 19,000-square-foot warehouse into state-of-the-art offices at 3601 South Congress Avenue in Austin’s “SoCo” business district. The space is ideally suited for creative sector companies.
Work has begun on the adaptive reuse of the warehouse, including the installation of state-of-the-art electrical and HVAC as well as nine-foot vertical, energy efficient windows. In addition, the newly installed solar tracking skylights will provide abundant natural light. Existing building elements such as the corrugated metal exterior, exposed interior structural steel beams and concrete slab floor will be retained and highlighted as distinctive architectural features.
The interior’s clean, modern architectural design will accommodate either a single or multiple tenant configuration. The renovation is expected to be completed during the first quarter of 2011.
Penn Field is a 277,000-square-foot, 16-acre, mixed-use property located at 3203 South Congress Avenue. Originally developed in 1918 as an air base for the U.S. Army, this property features many post World War I industrial designs that have been transformed over time into what is today a creative campus with a mix of office, restaurant and warehouse space. The complex is home to the Austin Playhouse theatre, Opal Divine’s Restaurant, Sweet Tea Leaf & Ruta Maya Coffee House and offices for businesses such as Clear Channel Broadcasting, Gibson Guitar and CTA Architects & Engineers—which designed the current warehouse renovation.
Penn Field is located in an area of residential communities with easy access to such major thoroughfares as Interstate 35, Highway 71 and Highway 290 as well as Bergstrom International Airport.
CIM Group acquired Penn Field in 2007, and subsequently became a joint venture partner in the mixed-use redevelopment of Austin’s Seaholm Power Plant project. CIM Group has made investments in select markets in Texas, namely Austin, Houston and Dallas—all of which possess attributes that meet the criteria of the firm’s urban investment strategy that focuses on districts positioned for economic expansion and possessing solid infrastructure and transportation networks.
About CIM Group
CIM Group is a leading investment firm that since 1994 has systematically and successfully invested in dynamic 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 manages three distinct portfolios, including Opportunistic, Stabilized and Infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.
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