WASHINGTON, D.C.—June 2, 2010—CIM Group announced today that it has entered into a 10-year lease agreement with the Washington, D.C. Department of Health (DOH) for 150,000 square feet at 899 North Capitol Street, NE (formerly 825 North Capitol Street, NE), in the Union Square office complex. Currently, renovations are underway at the property in order to meet the agency’s specific space requirements.
Additional renovations at Union Square, which consists of two 9-story Class A office buildings, will include enhanced security features, a new lobby, modernized elevators and restroom facilities, a fitness facility, and a re-landscaped outdoor plaza. The buildings' applications for LEED-EB Silver certification and EPA Energy Star ratings are pending. The free-standing buildings also feature floor-to-ceiling glass on all sides, and will offer additional leasing opportunities upon completion of the current work. Purchased in 2007, the two buildings of the Union Square complex are connected by a common central plaza with ample underground parking and are a convenient, short walk to Union Station and its Metro, Amtrak, and commuter rail services.
Located in the NoMa (North of Massachusetts Avenue) neighborhood of Washington, D.C., the complex meets the criteria for CIM’s investment mandate, which relies on acquiring assets in improving urban communities. Due to its proximity to Capitol Hill and Union Station, combined with the availability of affordable space, NoMa has burgeoned into a mixed-use district, now including over four million square feet of office, residential, hotel and retail space in a 35-block area.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, San Francisco, Bethesda, and New York. CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas, Stabilized/Core or well-positioned operating properties in transitional districts, and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit cimgroup.com.
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