CIM Group Completes 44,000-Square-Foot Creative Office Building at Penn Field Office Campus

Building offers large floorplates and outdoor patios and terraces, attributes that align with new requirements for office use and configurations

AUSTIN, Texas--()--CIM Group announced today that it has completed the construction of a 44,000-square-foot, two-story building at 3601 South Congress Avenue, expanding the creative office space available at the Penn Field office campus. The contemporary building is the first new building constructed, and the eleventh building in the mixed-use campus.

Located close to the Congress Avenue entrance, the new creative office building is known as the new Building E. Building E has attributes desired by a range of businesses including the large floorplates allowing for flexibility of configuration, high ceilings, natural light from the dramatic floor-to-ceiling windows, and outdoor patios and terraces, features especially preferred in today’s office environment. The new building is designed to accommodate a single user, full floor tenants, or multiple users. The exterior design reflects the industrial character and historic warehouses of Penn Field.

Penn Field is a 183,855-square-foot, 16-acre, mixed-use property located at 3601 South Congress Avenue in Austin’s “SoCo” Business District. It was originally developed in 1918 as an air base for the U.S. Army. The industrial buildings of post-World War I design have been transformed over time into what is today, a lushly landscaped campus with meandering pathways shaded by mature trees -- an ideal setting for variety of businesses, which can enjoy the outdoor environment for employee breaks or for conducting open air meetings.

Penn Field is well-located with easy access to major thoroughfares including I-35, Hwy. 71 and Hwy. 290 and the Bergstrom International Airport and proximate to numerous residential communities.

CIM Group utilizes its broad expertise of developing, leasing, operating and repositioning real estate assets to transform communities and create dynamic environments across the country, and brings its proven experience to the development of Building E at Penn Field. For more than 10 years, CIM has been an owner, operator, and developer of real assets in Austin with properties including Fifth + Tillery creative office building nearing construction completion; Hartland Plaza office complex; 507 Calles, Eastside Village and Chase Tower office buildings; District at SoCo apartment community; a warehouse building at 1300 E 5th Street; The Independent condominium tower, and Seaholm Power Plant mixed-use redevelopment.

For more information about Penn Field, please visit www.pennfieldatx.com or call 512.684.3813 for leasing information.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com

Contacts

Karen Diehl
Diehl Communications
310-741-9097
karen@diehlcommunications.com

Contacts

Karen Diehl
Diehl Communications
310-741-9097
karen@diehlcommunications.com