Why Is 246 1st So Secretive?
You've heard that CIM Group scooped up a five-story building at 246 1st last week, but some of S.F.'s top investment brokers in the know are stumped in regards to sales deets. One tells us that it's very unusual to keep something quiet in this city. (Does CIM have a future in the CIA?) We do know the South Financial District office building is CIM's fifth in S.F. since the LA-based group started investing there in 2001. The Art Deco building, built in 1929, sits about a block from the future Transbay Transit Center, and tenants include Chiro-Medical Group and CPA firm Novogradac (it's tax season, so naturally they didn't call us back). CIM most recently bought 703 Market from a family trust. Now it's got 2.8M SF of Class-A office space and two hotels in the Bay Area.