NEW YORK– August 22, 2013– CIM Group announced today the acquisition of 5 Hanover Square, a 25-story, approximately 338,000-square-foot office building located in Lower Manhattan’s Financial District. CIM Group acquired the property from Savanna, a New York-based real estate private equity and asset management firm.
The glazed brick masonry building sets back on the 9th and 20th floors, creating three separate floor plate configurations. The building’s recently renovated, upscale lobby features Italian marble, Japanese wood, renovated elevator cabs, modern security equipment, and an upgraded front desk, as well as dual entrances from Hanover Square and Beaver Street.
This acquisition marks the second this summer for CIM in the Financial District. CIM acquired 2 Rector Street, a 26-story office building located six blocks from 5 Hanover Square in June. CIM made its first acquisition in this community in 2010 with 15 William Street, a 47-story residential condominium, after having been involved in the New York metropolitan area for more than a decade. Recently, Lower Manhattan has seen a resurgence of new tenants as well as new construction of office, retail, hotel, and residential properties as prices in other areas of Manhattan have increased. CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), One Madison Park, 47 E. 34th Street, 225 Fifth Avenue, and 200 Lafayette Street.
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