CIM Commercial Trust Corporation announced that it has executed an eight-year lease for the entire approximately 44,000-square-foot, two-story office building at Penn Field office campus located at 3601 South Congress Avenue. CIM Group, CIM Commercial Trust’s operator, utilized the broad expertise of its vertically-integrated team of investments, development, leasing, property management, and capital markets professionals to collaborate on the development and leasing of this newly constructed building at Penn Field. The return on cost of the development is expected to exceed CIM Commercial Trust’s previously disclosed target of 8%. Penn Field, an approximately 228,000-square-foot, 16-acre, mixed-use property located in Austin’s “SoCo” Business District, 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 now, a lushly landscaped campus with meandering pathways shaded by mature trees. The property is 86% leased after the lease-up of the new building. The new building’s exterior design reflects the industrial character and historic warehouses of Penn Field and the interior features large floorplates, high ceilings, natural light from the dramatic floor-to-ceiling windows, and outdoor patios and terraces. CIM Group has owned, operated, and developed more than 2.2 million square feet of properties in the Austin area, including The Independent condominium tower, Seaholm Power Plant mixed-use redevelopment, and District at SoCo apartment community, and more than 1.4 million square feet of office space in the community including Fifth + Tillery, Hartland Plaza, 507 Calles, Eastside Village and Chase Tower.