{"id":1004347337,"date":"2019-08-22T00:52:21","date_gmt":"2019-08-22T08:52:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004347337"},"modified":"2019-08-22T00:52:21","modified_gmt":"2019-08-22T08:52:21","slug":"cim-group-boosts-austin-portfolio-with-major-office-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-group-boosts-austin-portfolio-with-major-office-buy\/","title":{"rendered":"CIM Group Boosts Austin Portfolio With Major Office Buy"},"content":{"rendered":"<div id=\"attachment_1004347343\" style=\"width: 210px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/chase-1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004347343\" data-attachment-id=\"1004347343\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cim-group-boosts-austin-portfolio-with-major-office-buy\/chase-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/chase-1.jpg\" data-orig-size=\"672,1008\" 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;0&quot;}\" data-image-title=\"chase tower\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Chase Tower. Image courtesy of CIM Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/chase-1.jpg?w=672\" class=\"wp-image-1004347343 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/chase-1.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/chase-1.jpg 672w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/chase-1.jpg?resize=200,300 200w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><p id=\"caption-attachment-1004347343\" class=\"wp-caption-text\">Chase Tower. <em>Image courtesy of CIM Group<\/em><\/p><\/div>\n<p>CIM Group has acquired Chase Tower, a 390,000-square-foot Class A office tower in downtown Austin.&nbsp;The sellers were Goldman Sachs Asset Management and Lincoln Property Co., Yardi Matrix information shows. According to the <em>Austin-American Statesman<\/em>, Cushman &amp; Wakefield Capital Markets represented the partnership in the sale.&nbsp;<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong>&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-developments-underway-in-austin\/\">Top 5 Office Developments Underway in Austin<\/a><\/p>\n<hr>\n<p>Further, it was reported that the tower is valued at $213.3 million, according to the local appraisal district.&nbsp;The sellers paid $143.6 million for the asset in February 2017, per Yardi Matrix.<\/p>\n<p>The&nbsp;21-story building, which includes ground-floor retail and an adjacent 775-space parking structure, spans a full city block at 221 W. Sixth St.&nbsp;In addition to the anchor tenant, WeWork occupies 65,000 square feet, also per Yardi Matrix data. The building includes tenants in financial services, technology, law and professional services, and is home to the office of U.S. Senator John Cornyn. The top floor is the site of The Headliners Club restaurant.<\/p>\n<h2>An active, tight market<\/h2>\n<p>The acquisition adds to CIM\u2019s substantial presence in Austin. At the high end of the spectrum, <a href=\"https:\/\/www.multihousingnews.com\/post\/cim-group-completes-austins-tallest-tower\/\" target=\"_blank\" rel=\"noopener\">the company co-owns The Independent<\/a>, a recently completed 58-story, 363-unit condominium tower and the tallest building in Austin.&nbsp;At Penn Field on South Congress, CIM is <a href=\"https:\/\/www.commercialsearch.com\/news\/building-l-expands-penn-field-campus-in-austins-soco-district\/\">underway on a 44,000-square-foot project<\/a>, the first new building and the 11th on the campus.&nbsp;<\/p>\n<p>The vintage side is represented next door to The Independent, where CIM redeveloped a decommissioned 126,000-square-foot, 1950s Art Deco power plant into office and restaurant space, accompanied by new development including a two-story, 68,000-square-foot building anchored by a Trader Joe\u2019s grocery store and the 30-story, 280-unit Seaholm Residences condominium tower.<\/p>\n<p>The Austin office market has enjoyed an average vacancy under 10 percent for 20 consecutive quarters, as absorption has largely kept pace with unprecedented amounts of new construction, according to a July report from NAI Partners. Class A space in the CBD has an average vacancy of just 6.2 percent as of the second quarter, on an inventory of 9.9 million square feet. The overall gross average asking rent is $52.12 per square foot, also per NAI Partners.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buyer also has an ownership stake in The Independent, the tallest building in Austin.<\/p>\n","protected":false},"author":882,"featured_media":1004347340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21743,21808,21742,21747],"tags":[33194,32799,45284,32838,40059],"class_list":["post-1004347337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-deals","category-featured","category-latest","category-office","tag-cim-group","tag-cushman-wakefield","tag-goldman-sachs-asset-management-private-real-estate","tag-lincoln-property-company","tag-nai-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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