AUSTIN, Texas–(BUSINESS WIRE)–CIM Group announced today that it has acquired Chase Tower, a 21-story, approximately 390,000-square-foot Class A office building with ground floor retail in downtown Austin. Located at 221 W Sixth Street, the tower and adjacent parking structure span a full city block.
Built in 1974, the property is located in the heart of the Central Business District, surrounded by an abundance of restaurant, retail, entertainment and hotel options, and is a short walk to the hike and bike trail fronting Lady Bird Lake. Chase Tower also is easily accessible from I-35 and a short walk to one of the city’s Capital Metro transportation stations. The building is occupied by tenants representing a diverse set of industries, including financial services, technology, law and professional services.
Since 2007, CIM has been an active owner and operator in Austin with a diverse portfolio of office, residential, retail, and mixed-use properties, where it applies its community-focused approach to real estate to enhance neighborhoods. The acquisition of Chase Tower adds to CIM’s growing office portfolio in Austin, which includes East Side Village, Hartland Plaza, and Penn Field on South Congress, where CIM is constructing a 44,000-square-foot building, the first new building and the eleventh on the campus.
CIM’s Austin portfolio also includes The Independent, a recently completed 58-story, 363-unit condominium tower and the tallest building in Austin. Adjacent to The Independent, CIM developed the Seaholm project, a redevelopment of the 126,000-square-foot 1950’s era, decommissioned historic art deco Seaholm Power Plant into office and restaurant uses, along with new development, including a two-story, 68,000-square-foot low-rise contemporary glass and steel building anchored by a Trader Joe’s grocery store, and the 30-story, 280-unit Seaholm Residences condominium tower. CIM also owns and operates the District at SoCo apartment building.
CIM brings its extensive experience in development, leasing, and property management to Austin, seeking to add value to these properties, as well as enriching the community as it does in other communities throughout North America.
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.