Our value-add strategy focuses on acquiring and improving properties for long-term ownership. We pre-qualify thriving and transitional communities for investment, then seek out value-add projects within those communities.
Depending on the individual asset, we may add value to properties through any of the following methods:
Leasing
Capital or tenant improvements
Redevelopment
Other substantial alterations
Residential
Office
Retail
Hospitality
Entertainment
Mixed-use
San Francisco, CA
Located in the South Financial District neighborhood of San Francisco, Central Tower is an iconic 21-story creative office tower with a six-story adjoining annex that houses ground floor retail. CIM acquired the historic property in 2013 with a vision to completely renovate and reposition the asset from the lobby to the rooftop.
Constructed in 1898, Central Tower has a storied history as one of the first skyscrapers in San Francisco. It has been known by several names and housed various companies over the years. Its sound construction enabled it to withstand the 1906 San Francisco earthquake, one of the worst in U.S. history.
Our goal for the project was to maintain Central Tower’s historic integrity while supporting the demand for modern office space in the city. When we acquired the property, its existing space was functionally obsolete and leased to nearly 100 separate tenants. Since acquisition, our vertically integrated team has worked together to transform the building by renovating the space into full-floor creative offices, delivering a best in-class annex designed for a single user, and expanding the building’s leasable square footage through the redevelopment of former storage and basement space.
During the office renovations, we completed several additional improvements including a new lobby to welcome tenants and guests, a rooftop amenity deck for gatherings, a freshly painted exterior, upgraded elevators and more.
As a result of our work, Central Tower now offers growing companies a unique opportunity to have a full floor presence at a smaller size. We have extended the useful life of the building, preserving its history while aligning the upgrades with the desires of today’s office tenants.
There can be no assurance that CIM will replicate past results or meet its objectives in the future.
Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC
Information about CCO Capital, LLC can be found at FINRA's BrokerCheck