SAN FRANCISCO – April 23, 2013 – CIM Group today announced that it has expanded its San Francisco investments with the acquisition of the 330 Townsend office building in the highly-desirable SoMa (South of Market) District, which has one of the city’s lowest office vacancy rates. The building is 98 percent leased to a variety of creative and professional services firms. 330 Townsend is ideally located in the heart of the SoMa District, a vibrant neighborhood with a mix of uses including office, residential and entertainment that is particularly attractive to technology and other innovative industries. Adding to its appeal, 330 Townsend is across the street from the CalTrain San Francisco Station and one block from the new Central Corridor transit line under construction.
CIM’s additional SoMa District investments include 260 Townsend, a fully-leased Class A office building located one block from 330 Townsend, and 211 Main Street, a fully-leased Class A office building located several blocks north of the Townsend Street assets.
CIM has been involved in the Greater Bay Area since 2001, when it identified the community as possessing the attributes that fit its investment discipline, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks. This acquisition continues the firm’s investment program in the area. CIM Group has investments in a variety of commercial properties in the Bay Area, including approximately 2.7 million square feet of Class A office properties and two hotels.
330 Townsend is zoned for additional commercial development under the West SoMa Community Plan. The property is also within San Francisco’s Central Corridor planning district, which is currently evaluating new guidelines that will propose changes to the allowed land uses and building heights, and will include a strategy for improving the pedestrian experience in this area.
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 and established 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