CIM Group Puts Michigan Avenue Office Tower On The Market
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CIM Group is putting one of its downtown trophy assets on the market. The LA-based company hired HFF to court buyers for the office portion for 625 North Michigan Ave., according to Crain's Chicago Business.
CIM and its frequent partner in Chicago real estate deals, Golub, could fetch bids of up to $75M for the 27-story tower. The JV paid $48M for the asset in 2015 and have repositioned it well. At the time of the acquisition, 625 North Michigan was 29% vacant. Its vacancy rate is now 13%.
This is a rare selling opportunity for CIM in Chicago. The firm has spent the past couple of years in acquisition mode. Earlier this week, it announced that it acquired a two-building Wicker Park portfolio. Last year, CIM acquired Tribune Tower and 440 South LaSalle, which is the venue of Bisnow's big Midwest office event on June 14. The firm also hired Eastdil Secured last December to sell the retail portion of Block 37. CIM delivered the 697-unit Marquee at Block 37 apartment project last summer.