{"id":1004191000,"date":"2017-09-20T05:05:21","date_gmt":"2017-09-20T13:05:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004191000"},"modified":"2022-12-08T11:01:34","modified_gmt":"2022-12-08T19:01:34","slug":"cim-group-snags-boston-office-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-group-snags-boston-office-property\/","title":{"rendered":"CIM Group Snags Boston Office Property"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004191002\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/1000-Wash-High-Res.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004191002\" data-attachment-id=\"1004191002\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cim-group-snags-boston-office-property\/1000-wash-high-res\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/1000-Wash-High-Res.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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;1&quot;}\" data-image-title=\"1000 Wash High Res\" data-image-description=\"&lt;p&gt;1000 Washington St. in Boston &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;1000 Washington St. in Boston &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/1000-Wash-High-Res.jpg?w=800\" class=\"wp-image-1004191002 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/1000-Wash-High-Res.jpg\" alt=\"1000 Washington St. in Boston \" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/1000-Wash-High-Res.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/1000-Wash-High-Res.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/1000-Wash-High-Res.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004191002\" class=\"wp-caption-text\">1000 Washington St. in Boston<\/p><\/div>\n<p>CIM Group has added to its Boston holdings with the acquisition of 1000 Washington St., an 11-story, 242,000-square-foot office building and the adjacent four-level, 309-stall parking garage at 321 Harrison Ave. in <a href=\"https:\/\/www.commercialsearch.com\/news\/bostons-south-end-to-get-80m-office-expansion\/\">Boston\u2019s South End<\/a>, from Rubenstein Partners LP.<\/p>\n<p>The purchase was made in partnership with Nordblom Co., which has owned a stake in the property and managed it since 2006. In late 2014, Nordblom and Rubenstein announced a partnership acquisition of the property for $75 million. The current sales price was not released nor was information on Nordblom\u2019s stake.<\/p>\n<p>Nordblom and Rubenstein had received approval a year ago from the Boston Redevelopment Authority to begin an $80 million expansion of the property by building a 218,500-square-foot office building atop the parking garage. The plans called for the lobby at 1000 Washington St. to be renovated to serve as a common lobby for both office buildings. Further details on whether CIM Group would be taking over that project were not available. CIM Group did note that Nordblom would continue to manage the property.<\/p>\n<p>CIM Group, which acquired six parcels totaling 2.16 acres in Boston\u2019s Fenway neighborhood in June, also owns the 200 Stuart St. Garage, Motor Mart Garage and 95 Berkeley St. The firm said in a prepared statement that 1000 Washington St. and 321 Harrison Ave. possess \u201cattributes that fit its investment strategy.\u201d<\/p>\n<p>The property in the South End is located across the street from the Massachusetts Turnpike (Route I-90) and less than a mile from both the Back Bay Train Station and South Station, both served by Amtrak. It\u2019s also served by the MBTA Silver Line with service to the Seaport and Boston Logan International Airport. The neighborhood was described as \u201ctransforming\u201d with amenities including restaurants and shops.<\/p>\n<h2><strong>Development potential<\/strong><\/h2>\n<p>Rubenstein noted in its own release that it was the right time to sell the asset because of its long-term development potential and strategic location.<\/p>\n<p><em>\u201cWhen we acquired 1000 Washington St., a key investment consideration was the dramatic transformation we foresaw taking place in the New York Streets neighborhood. The rapid pace of the area\u2019s transformation, along with the additional development rights, allowed us to exit earlier than we originally anticipated,\u201d <\/em>Deke Schultze, senior vice president of Rubenstein Partners, said in a prepared statement.<\/p>\n<p><em>\u201cThe recapitalization is also a great opportunity for our partner, Nordblom Co., to continue managing this asset and actively participating in this transformation of such an exciting part of Boston,\u201d<\/em> Schultze added.<\/p>\n<p><em>Image courtesy of CIM Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company has partnered with longtime owner and manager Nordblom to acquire 1000 Washington St., a 242,000-square-foot building and adjacent parking garage in the city\u2019s South End.<\/p>\n","protected":false},"author":1068,"featured_media":1004191002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21808,21783,21742,10,21747],"tags":[33194,35762,36039],"class_list":["post-1004191000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-featured","category-investment","category-latest","category-northeast","category-office","tag-cim-group","tag-nordblom-company","tag-rubenstein-partners-lp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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