IN-DEPTH: CIM pays $296m for L.A. property
CIM Group has paid $295.7 million for Two California Plaza in downtown Los Angeles. Here’s an in-depth look at the deal.
The 54-story property at 350 South Grand Ave. was sold by CWCapital Asset Management. The 1.3 million-square-foot office tower served as collateral for a $468 million loan that had been securitized through GS Mortgage Securities Corp. II, 2007-GG10.
The property was part of a seven-property portfolio CIM acquired in February. Two California Plaza, the marquee asset in the seven-asset portfolio acquisition, is located in the downtown submarket of Bunker Hill with approximately 1.28 million net rentable square feet of office space and 44,000 square feet of retail space.
The building, which recently received LEED Platin