CIM Group Inks 45 KSF in Brooklyn

Little Big Hospitality has leased 45,000 square feet at CIM Group’s Panorama office complex in Brooklyn, N.Y. The tenant plans to open the first Beginning Clubhouse, a family-focused membership club, scheduled to open in summer 2026. Savitt Partners worked on behalf of the tenant in the lease signing, while Newmark represented the ownership, Commercial Observer reports.

The Beginning Clubhouse will be a private club designated for both parents and children. Adults will have access to a full-floor lounge for work, meeting rooms, a fitness center, a quiet library and a spa. The club will feature supervised childcare on dedicated floors, as well as curated activities, play areas, game rooms and organized classes for children. Other amenities will include a fine dining restaurant on the seventh floor and a café with lounge on the fourth floor.

The 670,000-square-foot Panorama has been under CIM Group’s ownership since 2016, when the company acquired it for $340 million, Yardi research data shows. The property recently became the subject of a permanent $245 million loan issued in April 2025 by JPMorgan Chase, Commercial Property Executive wrote at the time. The lender also held the previous loan, in the same amount, originated in 2022.

The 1920s Panorama office complex

Dating back to 1924, the Panorama office complex consists of five buildings across two city blocks, with floorplates ranging between 6,975 and 26,860 square feet. The property includes 82,659 square feet of retail space and 90,000 square feet of film studio space. The Beginning Clubhouse will operate in a seven-story brick building located at 50 Columbia Heights that underwent renovations in 2020.

Panorama is located near Brooklyn Bridge and Brooklyn Bridge Park. The property is also close to the High Street and Clark Street subway stations on lines A and C, respectively 2 and 3. Lower Manhattan is some 2 miles away.

Founding Partner of The Schoen Group at Savitt Partners Marc Schoen worked on behalf of Little Big Hospitality and The Beginning Clubhouse in the transaction, while Newmark Senior Managing Director Peter Whitenack, Associate Director Mai Shachi, as well as Director Andrew Connolly represented CIM Group.

Brooklyn office demand on the rise

During the first quarter of this year, office leasing activity in Brooklyn surged, adding up to a total of 571,471 square feet—nearly tripling the 2024 figure—according to a report by Colliers. The average asking rent declined 1.4 percent quarter-over-quarter to $49.72 per square foot.

May saw the national office vacancy drop 30 basis points month-over-month to 19.4 percent, marking however a 160-basis-point increase year-over-year, according to the latest Yardi Matrix office report. Full-service equivalent listing rates across the U.S. averaged $33.15 per square foot during the same month, 4.8 percent higher compared to the same time last year.