SAN FRANCISCO--(BUSINESS WIRE)--CIM Group today announced that it has expanded its San Francisco investments with the acquisition of the 340 Townsend office building in the highly-desirable SoMa (South of Market) District, which has one of the city’s lowest office vacancy rates. The five-story building has approximately 50,000 square feet of office space and 183 parking stalls, and is leased to iHeartMedia, Inc., the seller of the property.
340 Townsend is ideally located in the heart of the SoMa District, a vibrant neighborhood with a mix of uses including office, residential and entertainment that is particularly attractive to technology and other innovative industries. Adding to its appeal, 340 Townsend is across the street from the CalTrain terminus and one block from the new Central Corridor transit line under construction, and three blocks from the 303-acre Mission Bay redevelopment area, which at completion will be home to 3.4 million square feet of office, lab, and research and development space, 6,400 multifamily and condominium units, 750,000 square feet of retail space, 49 acres of public open space, a 2.5 million square foot hospital operated by UCSF, a 500 room hotel, and public service amenities including a school, police station, and fire station.
“This is a market we know well and one in which CIM continues to seek office investments. SoMa continues to evolve into an appealing community that maintains the architectural expression of its industrial history, complemented by modern uses. The acquisition of 340 Townsend adds to CIM’s robust office portfolio,” said Shaul Kuba, Co-Founder and Principal of CIM Group.
CIM’s other office building investments in San Francisco SoMa and South Financial District include 260 Townsend, 330 Townsend, 274 Brannan, 246 1st Street, 211 Main Street, Central Tower at 703 Market Street, and 30 3rd Street, and the One Mission Bay luxury condominium development in Mission Bay currently under construction with a 2017 occupancy.
CIM has been involved in the Greater Bay Area since 2001, when it identified the community as possessing the attributes that fit its investment criteria that focuses on established and emerging urban areas with solid infrastructure and transportation networks. This acquisition continues the firm’s investment program in the area. CIM Group has 4.4 million square feet of investments in a variety of commercial properties in the Bay Area.
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 five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com.