CIM Group invests in

commercial property Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office ...

on behalf of large institutions such as

pension A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...

s. As of December 31, 2020, the company owned $29.2 billion worth of commercial property.

History

The company was founded in 1994 by Shaul Kuba, Richard Ressler, and Avi Shemesh. Kuba and Shemesh are childhood friends that emigrated to the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...

from

Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...

in the 1980s, where they set up a

landscaping Landscaping refers to any activity that modifies the visible features of an area of land, including the following: # Living elements, such as flora or fauna; or what is commonly called gardening, the art and craft of growing plants with a goal ...

business. Ressler, a former investment banker at

Drexel Burnham Lambert Drexel Burnham Lambert was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was ...

, became a landscaping customer and then joined them to invest in real estate. In 2004, the company acquired the site for Hollywood & Highland, which included the Tiffany Theater. It redeveloped the property and sold it in 2019 for $325 million; however, it did not sell the

Dolby Theatre The Dolby Theatre (formerly known as the Kodak Theatre) is a live-performance auditorium in the Ovation Hollywood shopping mall and entertainment complex, on Hollywood Boulevard and Highland Avenue, in the Hollywood district of Los Angeles. ...

which is on the property. In the early 2000s, the company developed much of the Third Street Promenade. In 2005, in partnership with JBG Smith, the company acquired the Marriott Wardman Park hotel from Thayer Lodging Group for $300 million. In February 2007, the company acquired the BB&T Center for $117 million. In June 2017, it sold the property to Arden Group for $148.8 million. In October 2008, the company acquired the Ordway Building, the tallest building in

Oakland, California Oakland is the largest city and the county seat of Alameda County, California, United States. A major West Coast of the United States, West Coast port, Oakland is the largest city in the East Bay region of the San Francisco Bay Area, the third ...

as part of a $412 million acquisition from Brandywine Realty Trust. In 2008, the company completed the development of The 88, the tallest building in

San Jose, California San Jose, officially San José (; ; ), is a major city in the U.S. state of California that is the cultural, financial, and political center of Silicon Valley and largest city in Northern California by both population and area. With a 2020 popul ...

. In 2010, the company acquired the site of the former

Drake Hotel Drake Hotel may refer to: ;in Canada * Drake Hotel (Toronto), Ontario ;in the United States (by state) *Drake Hotel (Chicago, Illinois), listed on the National Register of Historic Places (NRHP) *Drake Hotel (Gallup, New Mexico), NRHP-listed in M ...

Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five Boroughs of New York City, boroughs of New York City. The borough is also coextensive with New York County, one of the List of co ...

for $305 million and began construction of 432 Park Avenue on the site. It also acquired

15 William 15 William, formerly known as the William Beaver House, is a 47-story, condominium apartment building at 15 William Street in the Financial District of Manhattan, New York City. It opened in 2008, at which time it was the only ground-up resid ...

, its first investment in the

Financial District, Manhattan The Financial District of Lower Manhattan, also known as FiDi, is a neighborhoods of Manhattan, neighborhood located on the southern tip of Manhattan in New York City. It is bounded by the West Side Highway on the west, Chambers Street (Manhattan ...

. In April 2012, the company acquired the site of

108 North State Street 108 North State Street, also known as Block 37, is a development located in the Loop community area of downtown Chicago, Illinois. It is located on the square block bounded clockwise from the North by West Randolph Street, North State Street ...

for $84 million from

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...

, which had foreclosed upon the property. In 2013, the company partnered with Kushner Companies to acquire 2 Rector Street. It sold the property in March 2016. In November 2013, the company completed the development of the Downtown Grand in

Las Vegas Las Vegas (; Spanish language, Spanish for "The Meadows"), often known simply as Vegas, is the List of United States cities by population, 25th-most populous city in the United States, the most populous city in the U.S. state, state of Neva ...

. In 2013, in partnership with

Ben Shaoul Ben Shaoul is a New York City-based real estate owner and developer. He is the president of Magnum Real Estate Group, a residential real estate development and management company headquartered in New York City. Shaoul is best known as a prominent ...

, the company acquired part of the

Verizon Building The Verizon Building (also known as 100 Barclay, the Barclay–Vesey Building, and the New York Telephone Company Building) is an office and residential building at 140 West Street in Lower Manhattan, New York City. The 32-story building was ...

for $247 million for residential conversion. In February 2014, the company acquired Two California Plaza. It also acquired Monclair Place. In July 2014, the company invested in Westlands Solar Park, a

photovoltaic power station A photovoltaic power station, also known as a solar park, solar farm, or solar power plant, is a large-scale grid-connected photovoltaic power system (PV system) designed for the supply of merchant power. They are different from most building ...

. In August 2016, the company partnered with Kushner Companies to acquire the Jehovah’s Witnesses’ Watchtower building in

Brooklyn Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York (state), New York. Kings County is the most populous Administrative divisions of New York (state)#County, county in the State of New York, ...

for $340 million in one of the largest transactions to date in Brooklyn. In March 2017, the company sold the then headquarters of the

Charles Schwab Corporation The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing and related services including consulting, and wealth management advisory services to both retail and insti ...

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate ...

for $313 million. In October 2017, the company acquired the

Montague–Court Building The Montague–Court Building is a 35-story, tall commercial office tower at 16 Court Street in Downtown Brooklyn, New York City. It was designed by architect H. Craig Severance and built in 1927. It is the tallest office building and the twe ...

, then the largest office tower in

, for $171 million from SL Green Realty. In October 2017, the company acquired

Uber Uber Technologies, Inc. (Uber), based in San Francisco, provides mobility as a service, ride-hailing (allowing users to book a car and driver to transport them in a way similar to a taxi), food delivery ( Uber Eats and Postmates), pack ...

's building in

for $175 million. In February 2018, the company acquired Cole Capital, which had $7.6 billion in real estate assets, from VEREIT. In 2018, the company completed renovations to

425 South Financial Place 425 South Financial Place (formerly known as ''FOUR40'' prior to 2017, and as ''One Financial Place'' prior) is a 515 ft (157 m) tall skyscraper in Chicago, Illinois. It was completed in 1985 and has 40 floors. Skidmore, Owings & Merrill ...

. In April 2020, the company agreed to buy Baldwin Hills Crenshaw Plaza for more than $100 million with plans to convert the former

Sears Sears, Roebuck and Co. ( ), commonly known as Sears, is an American chain of department stores founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosenwald, with what began ...

and

Walmart Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores from the United States, headquarter ...

into offices to drive more foot traffic into the remaining retail stores. However, in June 2020, the sale was cancelled due to community opposition to the plan without a residential component. In May 2020, the company and partner Golub & Company received approval to develop Tribune East Tower, the second tallest building in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...

. In August 2020, the company acquired 5 towers in

Alexandria, Virginia Alexandria is an independent city in the northern region of the Commonwealth of Virginia, United States. It lies on the western bank of the Potomac River approximately south of downtown Washington, D.C. In 2020, the population was 159,467. ...

for $506 million in one of the largest apartment transactions ever in

Northern Virginia Northern Virginia, locally referred to as NOVA or NoVA, comprises several counties and independent cities in the Commonwealth of Virginia in the United States. It is a widespread region radiating westward and southward from Washington, D.C. Wit ...

References

{{Authority control 1994 establishments in California Commercial real estate companies Companies based in Los Angeles Property management companies Real estate companies established in 1994 Real estate companies of the United States