LOS ANGELES – December 1, 2015 – CIM Group announced today that it has signed a long-term lease for approximately 150,500 square feet with Munger, Tolles & Olson LLP, a leading law firm, at 2 Cal, a 52-story Class A office building located at 350 S. Grand Avenue in the Bunker Hill area of Downtown Los Angeles. The firm will relocate its 375 Los Angeles employees into five full floors and a portion of a sixth floor in early 2017.
Founded in Los Angeles more than 50 years ago, Munger Tolles’ national practice provides premier legal services to a roster of top corporate clients. Among the firm’s key practice areas are litigation, corporate, labor and employment, environmental, real estate, financial restructuring and tax.
CIM Group acquired 2 Cal in February 2014 as part of a seven-asset portfolio acquisition. 2 Cal consists of approximately 1.28 million net rentable square feet of office space and 44,000 square feet of retail space. CIM Group is currently renovating and expanding the building lobby to include a newly-positioned reception desk, optical turn-styles, maximizing the ceiling height as well as new lighting fixtures, carrara marble flooring, elevator cabs and new furniture. The design of the new lobby and the concierge approach to check-in visitors will efficiently move visitors and tenants through the space, while creating a welcoming environment.
This LEED Platinum certified building is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza. 2 Cal is also near popular destinations such as the Music Center with the Walt Disney Concert Hall, The Broad, the Cathedral of Our Lady of the Angels, the Museum of Contemporary Art and Los Angeles Central Library, and in close proximity to significant developments that are transforming Downtown Los Angeles including new cultural, residential, entertainment and transportation infrastructure projects.
CIM has a long history as an investor and developer in downtown Los Angeles in a variety of projects including residential, retail and office properties. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first created under the city’s adaptive reuse ordinance, and has completed ground-up developments including the Market Lofts and retail that includes the Ralphs supermarket.
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 Munger, Tolles & Olson LLP
For more than 50 years, Munger, Tolles & Olson LLP has been a full-service law firm known for trying bet-the-company cases and negotiating deals that shape our corporate landscape. Our 200 lawyers represent clients in a broad range of complex and high-profile matters in the areas of corporate, litigation, real estate and financial restructuring. Munger Tolles has been consistently ranked on The American Lawyer’s A-List since its inception in 2004, including four years in the top spot. For more information, please visit www.mto.com.