CHICAGO – September 15, 2015 -- CIM Group announced today that it has acquired a condominium ownership interest consisting of 290,000 square feet of offices on floors 5 – 27 of the high rise located at 625 N. Michigan Avenue in downtown Chicago. CIM acquired the office space of the 27-story building with Golub & Company, the original developer of the 1970 “Magnificent Mile” tower. CIM Group and Golub & Company are also partners in Chicago’s 1001 South State Street, a 41-story multifamily residential tower under construction in Chicago’s South Loop.
Located in the heart of Chicago’s famed Magnificent Mile, 625 N. Michigan Avenue is near the middle of one of the world’s great shopping districts. Lined with buildings of grand architecture, North Michigan Avenue is consistently ranked one of the top-10 hospitality, dining and retail destinations in the world. 625 N. Michigan is easily accessible from Chicago’s iconic Lake Shore Drive, as well as via multiple forms of public transportation, including the Grand & State “L” Red Line train station.
CIM identified Chicago as possessing the attributes that fit CIM’s investment model that focuses on established and emerging urban areas with solid infrastructure and transportation networks. 625 N. Michigan adds to CIM’s growing portfolio of investments in Chicago including Block Thirty Seven, the 275,000-square-foot 5-level retail center in Chicago’s Loop; the 34-story, 690-unit residential apartment tower CIM is constructing atop the Block Thirty Seven; and the apartment tower at 1001 South State 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 five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com.
About Golub & Company LLC
Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Since its founding more than 55 years ago, the company has owned, leased or managed more than 50 million square feet of commercial and multifamily real estate properties valued in excess of $10 billion. Golub & Company’s headquarters is located on the 20th Floor of 625 N. Mchigan Avenue.
For more information visit www.golubandcompany.com.
GOLUB & COMPANY