{"id":1004146509,"date":"2016-06-22T02:51:34","date_gmt":"2016-06-22T10:51:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004146509"},"modified":"2020-04-01T04:36:29","modified_gmt":"2020-04-01T12:36:29","slug":"cim-group-grabs-191m-chicago-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-group-grabs-191m-chicago-office-asset\/","title":{"rendered":"CIM Group Grabs $191M Chicago Office Asset"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004146510\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/4Forty.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004146510\" data-attachment-id=\"1004146510\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cim-group-grabs-191m-chicago-office-asset\/4forty\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/4Forty.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"440 S. LaSalle in Chicago\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/4Forty.jpg?w=640\" class=\"wp-image-1004146510 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/4Forty.jpg\" alt=\"440 S. LaSalle in Chicago\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/4Forty.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/4Forty.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004146510\" class=\"wp-caption-text\">440 S. LaSalle in Chicago<\/p><\/div>\n<p><strong>Chicago\u2014<\/strong><a href=\"https:\/\/www.cimgroup.com\/\" target=\"_blank\" rel=\"nofollow\">CIM Group<\/a> has expanded its presence in Chicago by 1 million square feet with the acquisition of Four40, the office tower located at 440 LaSalle St. in the city\u2019s business and financial district in the Central Loop area. CIM purchased the property from Tier REIT Inc. in a $191 million transaction.<\/p>\n<p>Four40, formerly known as One Financial Center, last changed hands at the height of the market. It was in 2007 when Tier, then Behringer Harvard REIT I Inc., purchased the asset from Beacon Capital for approximately $270 million in a four-property portfolio transaction. But names and price tags aren\u2019t all that have changed; the office destination has undergone a transformation of sorts, courtesy of a recently completed renovation that added a 25,000-square-foot tenant amenity space to the 31-year-old property.<\/p>\n<p>There\u2019s a lot for any investor to love at Four40, which is home to the likes of the Chicago Stock Exchange, the Associated Press and Commonwealth Edison. In addition to being transit-centric\u2014there\u2019s a Metra station at the entrance, and elevated and subway CTA lines are a stone\u2019s throw away\u2014the property, which consists of a 954,000-square-foot tower and an 83,000-square-foot annex, boasts a private social and athletic club, as well as the presence of the 21-room Buckingham Hotel on the 40th floor. There\u2019s also a 5,000-square-foot retail outparcel.<\/p>\n<p>For CIM, however, one of the most attractive features of Four40 is its location. As noted in a press release on the transaction, Chicago fits with the company\u2019s investment model that centers on established and emerging urban areas with solid infrastructure and transportation networks. The company is, indeed, keen on the Windy City. Last month, it wrapped up <a href=\"https:\/\/www.commercialsearch.com\/news\/block-37-tower-tops-out-in-the-loop-2\/\" target=\"_blank\">construction of the 690-unit Marquee<\/a> at Block 37 apartment tower, and last year it purchased a 290,000-square-foot office condominium ownership interest at 625 N. Michigan.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Los Angeles-based investor expands its Windy City footprint with the acquisition of the 40-story office tower.<\/p>\n","protected":false},"author":969,"featured_media":1004146510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,13,21742,21747],"tags":[],"class_list":["post-1004146509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CIM Group Grabs $191M Chicago Office Asset - 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