CIM Group Sells Two Class A Office Towers Totaling 475,000 Square Feet in Boston
LOS ANGELES–(BUSINESS WIRE)–CIM Group, in partnership with Nordblom Company, announced today the sale of 1000 Washington St. and 321 Harrison Ave. in Boston, MA. The two adjacent office towers were acquired by funds managed by Blackstone Real Estate Partners and will be operated by BioMed Realty, a leading owner and operator of life science buildings in Boston/Cambridge.
After acquiring the properties in 2017, CIM Group and Nordblom Company repositioned the assets: 1000 Washington St., an 11-story, 242,000-square-foot office building, was renovated into Class A office space; and 321 Harrison Ave., an adjacent three-story parking garage, was redeveloped by adding eight additional floors above the existing structure to create a new 11-story, 233,000-square-foot office building.
BioMed is converting the office space to life science use given the large, flexible floorplates, floor-to-ceiling windows providing abundant natural light, and energy efficient mechanical systems. Building amenities include outdoor areas and a rooftop terrace, a state-of-the-art tenant fitness center, outdoor café, bike storage, covered parking, and front desk services in a shared two-story lobby.
The towers are centrally located in Boston’s South End, a highly desirable neighborhood with walkable amenities and convenient access to the Mass Pike (I-90) and various Amtrak, MBTA, and bus stations.
“CIM repositioned and developed 1000 Washington and 321 Harrison to create modern Class A office spaces that would appeal to the growing life science sector. By attracting a leading life science owner and operator, CIM has fulfilled its vision to enhance the local economy and create new jobs,” said Avi Shemesh, Co-Founder and Principal, CIM Group.
CIM identified the Boston area more than a decade ago as possessing the attributes that fit its community qualification criteria, which includes established or emerging metropolitan areas with solid infrastructure and transportation networks. CIM’s portfolio of assets in Boston includes six parcels totaling 2.16 acres in Boston’s Fenway neighborhood, the 200 Stuart Street Garage, the Motor Mart Garage, and the 95 Berkeley Street office building.
For more than 25 years, CIM Group has utilized its broad expertise to own, develop, reposition, and operate real estate assets, transforming communities and creating dynamic environments throughout the Americas.
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 metropolitan 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 Nordblom Company
Nordblom Company is a real estate enterprise with a 97-year history of investing, managing and developing properties throughout the New England region and select markets across the country. The company currently owns office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, Massachusetts with offices in Boston, Brookline, and Raleigh, North Carolina, Nordblom Company has over 90 properties and excess of $1 billion in assets under management. For more information, visit www.nordblom.com.
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Karen Diehl
Diehl Communications
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karen@diehlcommunications.com