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Article: Forget residential.(CIM Group Inc. plans to construct office building)
- Article from:
- Los Angeles Business Journal
- Article date:
- March 13, 2006
- Author:
CopyrightCOPYRIGHT 2006 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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While a number of Hollywood buildings are being converted into condominiums, CIM Group Inc. has shifted its attention to building high-end office space.
The group is close to a deal to buy the 75,000-square-foot Security Pacific building at the northeast corner of Hollywood Boulevard and Cahuenga Avenue from the Bolour Trust for $16 million, or $213 a foot. Michel Bolour declined to comment on the transaction.
Hollywood-based CIM Group plans to extensively renovate and reposition the 83-year-old building and recruit a restaurant or shop to take over the large ground-floor space. "This could be a very high-end office building for small businesses," said ...