LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has signed a long-term lease with SiriusXM at 953 Sycamore, a 67,000-square-foot office building currently under construction. SiriusXM is the world's largest radio company measured by revenue, with more than 33 million subscribers, and is based in New York City.
The eight-story building on the southwest corner of Sycamore Avenue and Romaine Street is located in an evolving community southwest of central Hollywood known as the Media District. The building features a sleek, contemporary design, with floor-to-ceiling glass façades. Office space is created on the top three floors to maximize light and views and on a portion of the ground floor, while parking is provided on floors 2-5 along with two subterranean levels. The ground floor also features retail space fronting Sycamore Avenue and Romaine Street.
“New office space that attracts entertainment businesses, such as SiriusXM, is a welcome addition to the area. It brings good jobs to the district and enhances revenue for the city and local businesses. As the employee base grows it attracts new retailers and restaurants and other amenities to the area, enriching the community for all,” said Los Angeles City Councilmember David Ryu.
SiriusXM is leasing approximately 27,000 square feet for its west coast programming headquarters, as well as a portion of an adjacent CIM building to the south for a live performance space and broadcast studio for multiple channels and shows.
“The addition of SiriusXM to the neighborhood exemplifies the strong appeal of the area to entertainment and media businesses. It provides a walkable environment with a multitude of purveyors of art, food and fashion near desirable residential options and public transportation. These attributes make this a prime location for a modern office building,” noted Shaul Kuba, Cofounder and Principal, CIM Group.
Construction of 953 Sycamore is anticipated to be complete this summer.
About CIM Group
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and other associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S.-based retail, office, and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, credit analysis, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world's largest radio company measured by revenue and has approximately 33.1 million subscribers. SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. SiriusXM is available in vehicles from every major car company and on smartphones and other connected devices as well as online at siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM. SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®, NavWeather™. SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation™ and SiriusXM Marine™. In addition, SiriusXM Music for Business provides commercial-free music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.6 million subscribers. SiriusXM is also a leading provider of connected vehicles services, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation.