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CIM Group Acquires 36-story Brooklyn Heights Office Building
Thursday 12 October 2017

12 October 2017 - California, US-based institutional investor CIM Group has acquired 36-story Brooklyn Heights, New York-based office building 16 Court Street to build assets in the Brooklyn area of New York, the company said.

Terms of the transaction were not disclosed.

CIM said it identified downtown Brooklyn more than a decade ago as a community that possesses the attributes that fit its investment strategy, which focusses on established and emerging urban areas with solid infrastructure and transportation networks.

CIM plans to improve the 333,000-square-foot property located at 16 Court Street by modernising the fire life system to include sprinkler installation throughout the building, providing ADA accessibility, and upgrading common areas.

Since 1994, CIM has made a commitment to enhance its properties by increasing sustainability, efficiency, and quality for tenants, residents and visitors as well as enhancing the character and value of the communities.

CIM Group invests in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilised, and value-add real estate, real estate debt, and infrastructure.

CIM's broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. CIM maintains offices in California, New York, Maryland and Texas, US.
Date Published: 12/10/2017
Target: 16 Court Street, Brooklyn
Country: USA
Sector: Construction/Real Estate
Type: LBO
Status: Closed
Buyer: CIM Group
Terms of the deal were not disclosed