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Article: Brickman buys 473,346 s/f 801 South Grand.(NATIONAL)
- Article from:
- Real Estate Weekly
- Article date:
- February 20, 2008
CopyrightCOPYRIGHT 2008 Hagedorn Publication. 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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LOS ANGELES: CIM Group has sold the commercial portion of 801 South Grand, a 22-story office and residential tower in downtown Los Angeles, to Brickman, a real estate private equity firm. CIM Group acquired the 473,346-s/f building in 2003 when it had a vacancy rate of 49%.
Partnering with Lee Homes, CIM Group renovated and repositioned the high-rise building, converting the top 11 floors to luxury loft-style condominiums while retaining the lower 10 floors as Class A office space, and enhancing the ground floor retail. The condominiums, called Sky, are 100% sold. 801 South Grand's 207,075 s/f of office space is stabilized with 84% occupancy.
"CIM Group ...