NEW YORK—March 21, 2016—CIM Group and Kushner Companies today announced the sale of 2 Rector Street, a 26-story office building in Manhattan’s Financial District.
CIM Group and Kushner Companies acquired the property in 2013. The building was constructed in 1907 and is most recognized for its ornate façade, which has been preserved by the Trust for Architectural Easements (formerly known as the National Architectural Trust).
The building includes both office and ground-level retail space and spans a full block on Rector Street with additional frontage along Trinity Place and Greenwich Street. The property has direct views of the historic Trinity Church and sits just blocks from the transformational World Trade Center development as well as the recently completed retail, restaurant and entertainment hub at Brookfield Place. Additionally, 2 Rector is within steps of several major subway lines, ferry services and PATH trains to New Jersey.
For more than a decade, CIM has been involved in the New York metropolitan area and made its first investment in the Financial District in 2010 with its acquisition of 15 William Street, a 47-story residential condominium. CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), 11 Madison Park, 47 E. 34th Street, 225 Fifth Avenue, as well as 200 Lafayette, which was also acquired in a partnership with Kushner Companies.
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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 Kushner Companies
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. Kushner Companies’ national reach consists of more than 20,000 multifamily apartments, as well as 12 million square feet of office, hotel, industrial and retail space throughout the Northeast and Mid-Atlantic regions. For more information, please visit www.kushnercompanies.com.
CIM Group: Bill Mendel
Kushner Cos: James Yolles