SAN FRANCISCO – January 31, 2014 – CIM Group announced today that it has acquired a five-story office building at 246 1st Street in San Francisco’s South Financial District. Built in 1929, the building features a distinctive Art Deco style and coveted interior architectural elements, which include ceiling heights of over 20 feet on the ground floor and ceiling heights in excess of 13 feet throughout the remainder of the building.
Located at the corner of 1st and Tehama Streets, 246 1st Street is conveniently situated near several major Bay Area transportation networks, including the planned Transbay Transit Center (just over one block away), the Montgomery BART and MUNI station (three blocks away), and the site of the future Yerba Buena/Moscone station of the upcoming Central Subway (three blocks away). In addition, the building is located adjacent to the on-and off-ramps of I-80, a major regional connector in the Bay Area.
CIM has been investing 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 Greater Bay Area, and is the fifth office acquisition in San Francisco.
246 1st Street is within a one-mile radius of CIM’s other South Financial District investments that include the 330 Townsend, Central Tower, 260 Townsend, and 211 Main Street. CIM Group’s commercial investments in the Bay Area include approximately 2.8 million square feet of Class A office properties and two hotels.
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