Transaction Includes Two Creative Office Buildings and Warehouse Property
AUSTIN, Texas–(BUSINESS WIRE)–CIM Group announced today the expansion of its Austin holdings with the acquisition of a 270,000-square-foot portfolio consisting of two creative office buildings located at 618 Tillery Street and 507 Calles Street and a warehouse building located at 1300 E. 5th Street in the growing Eastside submarket. Austin’s Eastside is in close proximity to major economic, entertainment and cultural hubs as well as numerous residential options.
618 Tillery Street, a Class A creative office building currently under construction, will feature large floor plates, allowing for flexible space design, floor-to-ceiling glass walls for ample natural light and tall ceilings. The building is designed with an expansive atrium and landscaped courtyard, dedicated tenant lobbies, and abundant parking. Located just off East 7th Street, a main thoroughfare, the property is within a short drive to both Austin’s Central Business District and South Congress submarkets and offers convenient access to mass transit and biking options including a local bus stop and a docking station for Austin’s bike-sharing system.
Also located just off East 7th Street and convenient to transportation options to access downtown and the surrounding Austin communities, 507 Calles Street, a former industrial warehouse built in 1940, was recently converted into a creative office building. The building is leased by creative office tenants, with a portion occupied by a brewery and tasting room. The property also includes a one-acre surface parking lot.
For more than 10 years CIM has been an active owner, operator, and developer of approximately 2 million square feet of properties in Austin, bringing quality real estate uses to support the area as it does in other communities across North America. These newly-acquired assets expand CIM’s Austin office portfolio which currently includes Penn Field, Hartland Plaza, Eastside Village, and Chase Tower. CIM also owns and operates District at SoCo apartments and was a co-developer of the Seaholm Power Plant mixed-use redevelopment as well as The Independent luxury 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 metropolitan 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.