CIM Group and Partner Murphy Development Group Welcome First Residents to the Paragon – 500 Unit Apartment Building in Chicago’s South Loop

CHICAGO–(BUSINESS WIRE)–CIM Group announced today that residents are moving in at The Paragon, a
recently completed 500-unit, 47-story apartment building with 7,500
square feet of ground floor retail space at 1326 S. Michigan Avenue in
Chicago. The development team of CIM Group and Murphy Development Group
received a Certificate of Occupancy for the first 25 floors of the
building. Interior finishing work is being completed for units on the
remaining 22 floors which is anticipated to be complete in August.

The Paragon’s distinctive faceted glass-clad exterior is a striking
addition to the Chicago skyline rising in the growing South Loop area.
The contemporary residences are offered in a variety of floor plans
ranging from studios to three-bedroom units, all featuring
floor-to-ceiling windows providing sweeping views of Lake Michigan,
Grant Park and beyond. Residences feature modern fixtures and finishes,
stainless steel kitchen appliances, wood laminate flooring and a smart
home experience by IOTAS, which integrates smart switches and outlets,
motion and door sensors and smart thermostats by Nest.

Residents can enjoy a variety of on-site amenities including a
resort-style pool with cabanas, a top-floor gym, a spacious co-working
area and a dog run. The neighborhood offers a mix of outdoor recreation
such as the nearby lakefront trail and Grant Park as well as a wide
variety of shopping, dining and entertainment. The Paragon is just
blocks from a CTA station providing easy public transit connections.

Besides The Paragon, CIM’s other Chicago area assets include Block 37,
the 275,000-square-foot, five-level retail center in Chicago’s Loop;
Marquee at Block 37, the 38-story, 690-unit residential apartment tower
on top of Block 37; Tribune Tower West redevelopment and Tribune Tower
East development; Fifteen Fifty on the Park condominiums, 425 Financial
Place office complex; 1241 and 1647 N. Milwaukee Avenue; Midway
Technology Centre; and 725 S. Wells Data Center.

For leasing information about The Paragon, please visit: www.theparagonchicago.com

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 on
behalf of 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 and serving 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.

ABOUT MURPHY DEVELOPMENT GROUP
Murphy Development Group,
LLC, generates development opportunities in the multifamily, hospitality
and office sectors across the country. Through solid investment
strategies and extensive due diligence, the dynamic development team
identifies, evaluates and executes projects by combining sound financial
modelling, economic analysis and entrepreneurial creativity. Over the
last decade, MDG has successfully completed over 2.5 million square feet
of new development. Currently, MDG is leading a $1 billion, multi-phase
development within the Illinois Medical District, which includes Old
Cook County Hospital; developing Michigan State University’s Grand
Rapids Innovation Building; and planning the development of two new
office towers in downtown Chicago. For more information, visit www.murphydevgroup.com.

Contacts

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

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