CIM Group Sells Gilman Hall Tower

Company Retains Two Adjacent Development Parcels

NEW YORK–(BUSINESS WIRE)–CIM Group announced today that it has sold Gilman Hall Tower, the
24-story, approximately 146,000-square-foot building located on the
corner of First Avenue and East 17th Street in Manhattan. The
building is one of the three properties CIM purchased from Mount Sinai
Beth Israel Hospital in March 2017. The two other properties,
development sites adjacent to Gilman Hall Tower that total more than
80,000 square feet of zoning floor area, were not included in the sale.

CIM Group has been an active owner and developer in the New York
metropolitan area for more than a decade, and utilizes its broad
expertise of developing, operating and repositioning real estate assets
to transform communities and create dynamic environments across the
country. Its development projects in the New York area include 432 Park
Avenue, Front and York, Panorama, and Halcyon. CIM is also repositioning
several office assets in New York City, including 1440 Broadway and 16
Court Street, to attract quality office and retail tenants.

About CIM Group
CIM is a community-focused real estate and
infrastructure owner, operator and lender. Since 1994, CIM has led more
than $60 billion of projects in communities across the Americas for its
own account and for its partners and co-investors. CIM’s broad in-house
expertise includes decades of research, acquisition, credit analysis,
development, finance, leasing, and property management experience in
real assets located in densely-populated communities, net-lease assets
and other associated credit strategies. Using its disciplined approach
and extensive in-house expertise, CIM seeks to create value in projects,
which ultimately enhances communities. For more information, visit www.cimgroup.com

Contacts

Karen Diehl
Diehl Communications
[email protected]
310-741-9097

Bill
Mendel
Mendel Communications
[email protected]
212-397-1030

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