CIM Group and Seaholm Power LLC Announce Agreement with athenahealth
athenahealth to expand presence in Austin; Company finalizes 103,000-square-foot office space lease and expects to create approximately 600 new jobs
AUSTIN, Texas--(BUSINESS WIRE)--CIM Group and Seaholm Power LLC announced today that they have reached an agreement with athenahealth to lease 100 percent of the approximately 103,000-square-foot office space at Seaholm Power Plant, which is currently undergoing renovations. athenahealth, a leading provider of cloud-based services for electronic health record (EHR), practice management, and care coordination, is expanding its operations nationally, including within Austin at the iconic Seaholm Power Plant. athenahealth’s expansion to the Seaholm Power Plant was supported by job incentives from the City of Austin and the Texas Enterprise Fund and is expected to create approximately 600 new jobs for the city and state at the Seaholm location over the next ten years.
Securing athenahealth is a testament to the strong public/private partnership between the City of Austin and Seaholm Power LLC, which has worked collaboratively to reinvent this pivotal downtown Austin waterfront location. The centerpiece of the location is the historic 1950 art deco power plant, which is currently undergoing a top-to-bottom redevelopment that is expected to be completed in mid-2014. It will comprise 11,000 square feet of ground floor restaurant, 3,500 square feet of public space and coffee shop, as well as four floors of open, creative office space designed to meet the needs of athenahealth’s office, research, and development operations.
The five acres surrounding the power plant are being transformed into a mixed-use, urban oasis featuring 1.5 acres of public open space and a plaza, a 30-story residential tower, Seaholm Residences, with 280 condominiums, and a two-story, 66,000-square-foot contemporary glass and steel building with 33,000 square feet of office and 33,000 square feet of retail space, including a Trader Joe’s market.
Construction began on the Seaholm Power Plant project in April 2013, with all Seaholm Residences fully reserved by November 2013 and anticipated to be available for occupancy in the second quarter of 2015. The low-rise office and retail building is anticipated to be complete by the end of 2014.
The Seaholm Power Plant redevelopment site is located on the southwestern edge of downtown Austin, bounded by Cesar Chavez Street, West Avenue, 3rd Street, Seaholm Drive, and the A&NW rail line.
athenahealth is a leading provider of cloud-based services for electronic health record (EHR), practice management, and care coordination. athenahealth’s mission is to be caregivers’ most trusted service, helping them do well doing the right thing. For more information, please visit www.athenahealth.com.
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.
About Seaholm Power LLC
Seaholm Power LLC, a joint venture comprised of principals from Southwest Strategies Group, Centro Development, State Street Properties, and La Corsha Hospitality, was selected by the City of Austin to oversee the redevelopment of the Seaholm Power Plant site. Together with its partner, CIM Group, a leading real estate and infrastructure investment firm, Seaholm Power LLC is working in conjunction with the City of Austin to save the iconic power plant structure and create a mixed-use, multi-model hub that will provide new options for residents to eat, shop, work and play. For more information visit: www.seaholm.info.
This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated growth of athenahealth. These statements are neither promises nor guarantees, and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. athenahealth undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances, or otherwise. For additional disclosure regarding these and other risks faced by athenahealth, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.athenahealth.com and on the SEC’s website at http://www.sec.gov.