WASHINGTON—February 14, 2011—CIM Group announced today that it has signed a 10-year lease with the General Services Administration for 100,500 square feet of office space for the Internal Revenue Service (IRS) at its 999 North Capitol building in the Union Square complex. The IRS will be relocating staff from 1750 Pennsylvania Avenue, NW to the complex and is expected to take occupancy in January 2012.
CIM Group has just completed renovations of the 999 North Capitol tower which includes newly designed and modernized entryways, lobbies, elevators and restrooms, as well as enhanced security features and a new fitness facility.
The Union Square complex, purchased in 2007, includes the 899 and 999 North Capitol Street buildings, which are each approximately 300,000 square feet. The towers 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. In addition, both North Capitol Street buildings were awarded LEED Silver certification in 2010.
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 com-munities. 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.
CIM Group was represented by Akridge and Cushman and Wakefield in the lease transactions with Jones Lang LaSalle advising the Internal Revenue Service.
About CIM Group
CIM Group is a leading real estate and infrastructure 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 infra-structure. 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.