CIM Group Acquires SF Asset for $123M
Los Angeles-based CIM Group acquired 55 Hawthorne, a 143,000-square-foot office building in San Francisco for $123 million. The asset was sold by a partnership between Atlanta-based Invesco Real Estate and Emeryville-based Harvest Properties, which had acquired the property for $77 million in 2014.
The transaction included the 11-story office building, as well as a five-level, 348-space parking garage. The asset was renovated prior to the sale.
Yelp leases 102,324 square feet at the property, and has an option to expand by another 34,000 square feet by 2018. Other tenants in the 100% leased building include Dell and the Greater Bay Area Make-A-Wish Foundation.
JLL’s Erik Hanson, Rob Hielscher and Michel Seifer handled the sales listing.
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