OAKLAND, Ca.—October 8, 2008—CIM Group has completed the acquisition of five Class A office properties totaling 1.7 million square feet in Oakland's Lake Merritt and City Center districts. The properties, purchased from Brandywine Realty Trust for $412.5 million, advance CIM Group's Oakland investment program that was launched in June 2007 with the acquisition of the Oakland City Center Marriott and the Courtyard Oakland Downtown.
"We identified Oakland as an urban market with strong growth potential," said John Given, Principal, CIM Group. "Oakland meets our investment criteria which include solid infrastructure and transportation networks as well as business and community leaders who are committed to enhancing the area to spur economic expansion. This acquisition of established, institutional-quality properties is a continuation of our district-wide investment program and diversifies our commercial real estate assets in the market."
The attributes that attracted CIM Group to downtown Oakland include the existing, diversified tenant base such as professional firms, healthcare, engineering and geotechnical services along with government and transportation. Furthermore, there are a number of newly built and planned mixed-use developments that are adding residential, retail and other amenities in the City Center and Lake Merritt districts, creating a highly desirable live/work environment. In addition, the creation of Community Benefit Districts for the City Center and Lake Merritt will bring increased security as well as sidewalk and street maintenance services that will significantly improve the neighborhoods.
"Our experience in similar urban districts has proved that our diversified investment strategy coupled with our involvement with the city, civic and business communities can contribute to positive changes and increased values for our real estate assets," said Given.
The five Class A office properties acquired are:
- 1333 Broadway, 238,000 square feet, 10 stories located directly above the City Center BART station
- 1901 Harrison, 272,000 square feet, 16 stories
- 2100 Franklin, 215,000 square feet, 9 stories, LEED Gold Certified; part of Center 21
- 2101 Webster, 475,000 square feet, 20 stories; part of Center 21
- Ordway Building, 1 Kaiser Plaza, 530,000 square feet, 28 stories
Separately, CIM Group announced plans to relocate its Bay Area office to Oakland in early 2009, signifying a further commitment to the development of the community.
About CIM Group
Founded in 1994, CIM Group is a leading real estate investment firm that has successfully invested in dynamic, transitional, and densely populated urban communities throughout North America. The CIM Group relies upon its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities through three distinct and complementary pools of capital: opportunistic, stabilized and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda, Maryland. For more information, please visit www.cimgroup.com.
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