CIM Commercial Trust Corporation Secures Long-Term Lease for Entire New Office Building at Penn Field Office Campus in Austin
January 11, 2021 at 02:24 pm
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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.
Creative Media & Community Trust Corporation is a real estate investment trust. The Company is a vertically integrated community-focused real estate and infrastructure owner, operator, lender, and developer. The Company primarily acquires, develops, owns, and operates both premier multifamily properties situated in communities throughout the United States and Class A and creative office real assets in markets. Its segments consist of three types of commercial real estate properties, namely office, hotel and multifamily, as well as a segment for the Companyâs lending business. The products for the Companyâs office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking, and storage space rental. The products for the Companyâs hotel segment include operations of hotel properties. The loan segment includes sale of the government guaranteed portion of loans receivable and income from the yield on its loanâs receivable.