Opportunistic Real Estate Strategy
Our opportunistic strategy focuses on acquiring, redeveloping and improving properties for successful operation and eventual sale. We pre-qualify thriving and transitional communities for investment, then seek out opportunistic real estate projects within those communities.
Depending on the individual asset, we may create opportunistic value through any of the following methods:
- Extensive leasing
- Substantial redevelopment
- Adaptive reuse
- Resolving distress and other special situations
Potential opportunistic property types:
Opportunistic Strategy Overview
Within our opportunistic strategy, we acquire, redevelop and improve assets across multiple real estate sectors in thriving and transitional communities.
1000 Washington - 321 Harrison
In 2017, CIM acquired 1000 Washington -- 321 Harrison in Boston’s South End district. The property consisted of a 242,000-square-foot Class B office building and an adjacent parking garage fully entitled for a 234,000-square-foot office development.
We were drawn to the project due to its desirable location and potential to enhance the local community. Our vertically integrated team worked together to execute a two-phase business plan to reposition and improve tenancy at 1000 Washington while simultaneously developing a new office property at 321 Harrison next door. Just three years after acquisition, our vision for the project came to life.
We renovated and leased 1000 Washington and developed 321 Harrison into an 11-story Class A office property by constructing an additional eight floors above the existing structure. We connected the two buildings with a new double-story lobby, enhancing the experience and creating efficiencies for tenants and visitors.
After completing our business plan, we received multiple unsolicited offers to purchase the property. We announced the sale of 1000 Washington -- 321 Harrison to BioMed Realty in April 2021, which was 10 months ahead of our targeted sale date.
By improving the asset and securing a new employer to contribute to the vibrant neighborhood around 1000 Washington -- 321 Harrison, CIM has further illustrated our commitment to making a positive difference in communities across the Americas.