SANTA MONICA, Calif.--(BUSINESS WIRE)--CIM Group announced today that Arizona State University (ASU) has signed a new lease for a total of 9,412 square feet expanding on three floors in its Lincoln Place, Class A office building located at 725 Arizona Avenue in the heart of Santa Monica.
ASU, the largest university in the country by enrollment, is expanding in Los Angeles to provide prospective students and alumni with access to new programs and services. It will bring enrollment management and technology transfer staff to this location when it takes occupancy in the first quarter of 2013.
CIM acquired the four-story office building in June 2012. Lincoln Place is well located in one of the Los Angeles area’s strongest office submarkets. The building is designed to take advantage of the Santa Monica beach climate with operable windows and balconies in each of the office suites. It is in close proximity to Downtown Santa Monica and the Third Street Promenade, which offers a variety of retail and restaurant options for tenants. The area is a top location choice for technology and creative companies creating the opportunity for attractive properties such as Lincoln Place to be consistently fully leased.
For more than 18 years, CIM has invested in retail, residential and office properties in the Santa Monica community, and has made other investments in communities in the West Los Angeles area, including 11600 & 11620 Wilshire Boulevard in Brentwood and 150 & 151 El Camino Drive in Beverly Hills. These communities were identified by CIM as possessing the attributes that fit with the firm’s urban investment strategy.
About Arizona State University
Arizona State University has developed a model for the New American University, creating an institution that is committed to excellence, access and impact. ASU measures itself by those it includes, not by those it excludes. ASU pursues research that contributes to the public good, and ASU assumes major responsibility for the economic, social and cultural vitality of the communities that surround it.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.