CIM Group Expands Penn Field Campus with Addition of 44,000-Square-Foot Creative Office Building

4/29/2019

AUSTIN, Texas--CIM Group is expanding the creative office space available at Penn Field campus with the start of construction of a new 44,000-square foot, two-story building at 3601 South Congress Avenue. The contemporary building is the first new building and the eleventh in the mixed-use campus. The new building will be located close to the Congress Avenue entrance and is designed to accommodate a single user or two single-floor tenants of approximately 21,000 square feet each.

Known as Building L, following Penn Field’s building nomenclature, the new creative office space will be fully-modern with all of the attributes desired by today’s businesses including high ceilings, outdoor patios and terraces, and large floorplates for flexibility of configuration. Building L’s exterior design takes cues from the historic warehouses and industrial character of Penn Field. A soaring double height lobby accessed from a shaded entry court will infuse the building with natural light as will the dramatic floor-to-ceiling windows throughout.

Penn Field is a 183,855-square-foot, 16-acre, mixed-use property located at 3601 South Congress Avenue in Austin’s “SoCo” Business District. It was originally developed in 1918 as an air base for the U.S. Army. The industrial buildings of post-World War I design have been transformed over time into what is today a creative campus with a mix of office, restaurant, and warehouse space in a landscaped setting that is home to a variety of businesses.

Penn Field is well-located with easy access to major thoroughfares including I-35, Hwy. 71 and Hwy. 290 and the Bergstrom International Airport and proximate to numerous residential communities.

Completion of Building L is anticipated in early 2020.

CIM Group utilizes its broad expertise of developing, leasing, operating and repositioning real estate assets to transform communities and create dynamic environments across the country, and brings its proven experience to the development of Building L at Penn Field. For more than 10 years, CIM has been an owner and operator of real assets in Austin with properties including the Seaholm Power Plant mixed-use redevelopment, District at SoCo apartment community, Hartland Plaza office complex, Eastside Village office building and The Independent condominium tower.

ABOUT CIM GROUP

CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.