CIM Group has acquired Chase Tower, a 21-story, approximately 390,000-square-foot, class A office building with ground-floor retail in downtown Austin.
Financial terms were not disclosed.
Since 2007, CIM has been an active owner and operator in Austin with a diverse portfolio of office, residential, retail and mixed-use properties, where it applies its community-focused approach to real estate to enhance neighborhoods. The acquisition of Chase Tower adds to CIM’s growing office portfolio in Austin, which includes East Side Village, Hartland Plaza, and Penn Field on South Congress, where CIM is constructing a 44,000-square-foot building, the first new building and the 11th on the campus.
CIM’s Austin portfolio also includes The Independent, a recently completed 58-story, 363-unit condominium tower and the tallest building in Austin. Adjacent to The Independent, CIM developed the Seaholm project, a redevelopment of the 126,000-square-foot 1950’s era, decommissioned historic art deco Seaholm Power Plant into office and restaurant uses, along with new development, including a two-story, 68,000-square-foot low-rise contemporary glass and steel building anchored by a Trader Joe’s grocery store, and the 30-story, 280-unit Seaholm Residences condominium tower. CIM also owns and operates the District at SoCo apartment building.