CIM Group Buys 372,000-SF Office Tower

SAN FRANCISCO-The Los Angeles-based CIM Group has acquired the 371,825-square-foot 211 Main St. building in the South Financial District. The 18-story office building is fully-leased to and is the headquarters of Charles Schwab & Co., whose lease for the building runs through April of 2018.

The 211 Main St. building is one of three office properties including 221 Main St. and 101 Howard St. that are called the Booth Office Portfolio that total 825,454 square feet that were placed on the market by the Booth family, according to marketing materials from the CAC Group. CAC represented the Booth family in the sale to the CIM Group, terms of which were undisclosed. The three class A properties, which were being marketed both individually and as a portfolio, are situated on approximately 2.22 acres of contiguous land and were on the market at “well-below replacement costs,” according to the CAC marketing brochure.

The 211 Main St. building includes a 50-stall basement parking garage at the corner of Howard and Main streets. It was developed in 1973 by the Booth family and was extensively renovated in 1998. It is adjacent to the Transbay Redevelopment District, an urban infill mixed-use redevelopment project. CIM Group says that the redevelopment of the Transbay Terminal and new luxury residences and retailers in the adjacent Rincon Hill neighborhood have raised the profile of the area and increased the potential for improved asset values.