BROOKLYN, N.Y.--(BUSINESS WIRE)--CIM Group announced today that it has acquired 16 Court Street, a 36-story office building located across from Columbus Park in Brooklyn Heights, one of the most sought-after residential, retail and office districts in downtown Brooklyn. Originally built in 1928, the approximately 333,000 square foot building at the corner of Court Street and Montague Street underwent recent renovations to the building lobby, elevator cabs and corridors. The building offers tenants unobstructed views of the Manhattan and Brooklyn skylines with an abundance of natural light.
CIM identified downtown Brooklyn more than a decade ago as a community that possesses the attributes that fit its investment strategy, which focuses on established and emerging urban areas with solid infrastructure and transportation networks. 16 Court Street is located on top of the Borough Hall 2 & 3 MTA stops and just steps from other subway lines for an easy commute to Manhattan.
CIM relies upon its broad real estate expertise to accomplish its goals, and has achieved a demonstrated track record of reinvigorating the communities in which it invests. CIM will be improving 16 Court Street by modernizing the fire life system to include sprinkler installation throughout the building, providing ADA accessibility, and upgrading common areas. Since 1994, CIM has made a commitment to enhance its properties by increasing sustainability, efficiency, and quality for tenants, residents and visitors as well as enhancing the character and value of the communities. Currently, CIM is engaged in several Brooklyn projects including 25 – 30 Columbia Heights, 85 Jay Street, and 109 Montgomery Street and will build new or repurpose existing buildings in response to growth and changing market demands.
About CIM Group
Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. Headquartered in Los Angeles, CIM maintains regional offices in New York City, Oakland, CA, Bethesda, MD, and Dallas. For more information, please visit www.cimgroup.com