{"id":1004676874,"date":"2023-08-21T03:36:32","date_gmt":"2023-08-21T11:36:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004676874"},"modified":"2023-08-21T04:47:35","modified_gmt":"2023-08-21T12:47:35","slug":"cim-group-sells-austin-creative-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/","title":{"rendered":"CIM Group Sells Austin Creative Office Building"},"content":{"rendered":"
\"CIM<\/a>

CIM Group has sold Fifth + Tillery, a creative office building near downtown Austin, Texas. Image courtesy of CIM Group<\/em><\/p><\/div>\n

CIM Group<\/strong> has sold Fifth + Tillery, a creative office building near downtown Austin, Texas, to the metro\u2019s public transportation provider. Capital Metro<\/strong> acquired the property for nearly $87 million, according to the Austin American-Statesman<\/em><\/a>.<\/p>\n

The three-story office building totals 182,700 square feet, with floors ranging from 57,544 square feet to 65,588 square feet. Fifth + Tillery can accommodate tenants with flexible floorplates starting at 10,000 square feet, with each floor being accessible from outdoor walkways and ground-level parking.<\/p>\n

The office building also features a 600 kW solar array, outdoor walk-up access, open-air walkways, outdoor spaces, private balconies and approximately 500 parking spaces. Located at 618 Tillery St. in East Austin, the property is more than 3 miles from the city’s downtown area.<\/p>\n

\n

READ ALSO<\/strong>: Evolving Workspaces<\/a><\/p>\n

\n

CIM Group acquired Fifth + Tillery in October 2019, along with two other buildings in the Austin area. According to CommercialEdge data, Comerica Bank<\/strong> provided a nearly $36 million loan to CIM Group for the creative office property. While the original building was developed in 1973 as a warehouse, the new owner\u2019s plans were to convert the structure into the creative office configuration that exists today. CIM Group tapped Gensler<\/strong> to design the redevelopment, which was completed in 2020.<\/p>\n

Strong Austin office presence<\/h2>\n

Apart from Fifth + Tillery, CIM Group recently sold Hartland Plaza<\/a>, another Austin office building. Despite the two recent sales, the company plans to expand its footprint in the metro.<\/p>\n

CIM Group\u2019s portfolio in the Austin market includes major properties like Eastside Village, Chase Tower, 507 Calles, 1300 E. 5th St. and 1021 E. 7th St. The company has been developing another adaptive reuse project in the city, called Penn Field<\/a>, completing the first building in mid-2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

The regional public transit agency paid $87 million for the property. <\/p>\n","protected":false},"author":883,"featured_media":1004676896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21808,21783,21742,21747,51973],"tags":[36559,33194,33012],"class_list":["post-1004676874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-featured","category-investment","category-latest","category-office","category-southwest","tag-capital-metropolitan-transportation-authority","tag-cim-group","tag-gensler"],"acf":[],"yoast_head":"\nCIM Group Sells Austin Creative Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CIM Group has sold Fifth + Tillery, a creative office building near downtown Austin, Texas, to the metro\u2019s public transportation provider.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIM Group Sells Austin Creative Office Building\" \/>\n<meta property=\"og:description\" content=\"CIM Group has sold Fifth + Tillery, a creative office building near downtown Austin, Texas, to the metro\u2019s public transportation provider.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-21T11:36:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-21T12:47:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Fifth-and-Tillery-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"611\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/\",\"name\":\"CIM Group Sells Austin Creative Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Fifth-and-Tillery-featured.jpg\",\"datePublished\":\"2023-08-21T11:36:32+00:00\",\"dateModified\":\"2023-08-21T12:47:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"description\":\"CIM Group has sold Fifth + Tillery, a creative office building near downtown Austin, Texas, to the metro\u2019s public transportation provider.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-austin-creative-office-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Fifth-and-Tillery-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Fifth-and-Tillery-featured.jpg\",\"width\":799,\"height\":611,\"caption\":\"CIM Group has sold Fifth + Tillery, a creative office building near downtown Austin, Texas. 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