321 Harrison Avenue Update 09/18/17

CIM Group acquires 321 Harrison Avenue in South End, site of approved office development, for $114.2 million


Los Angeles, CA-based CIM Group has acquired 321 Harrison Avenue in the South End’s New York Streets neighborhood, site of an existing 11-story, 235,000-square-foot office building and three-story, 300-car garage as well as an approved eight-story, 232,500 square foot office development, for $114.2 million in cash. 321 Harrison Avenue’s seller is a partnership of Nordblom Company and Rubinstein Partners, who received approval in 2016 to construct the eight-story office development atop the garage as well as 2,500 square feet of retail or gallery space along the garage's ground floor. Nordblom remains a stakeholder in 321 Harrison Avenue and will continue to manage the property.


CIM Group has made a series of major acquisitions in Boston since 2016, most recently acquiring the 826-space 200 Stuart Street Garage in Bay Village, which serves the Revere Hotel, for $95 million and jointly acquiring 2.16 acres of developable land in the Fenway neighborhood with Cabot, Cabot & Forbes for $51 million. CIM Group also acquired the 1,037-space Motor Mart Garage, located across from the 200 Stuart Street Garage, for $162.5 million in October 2016, and 95 Berkeley Street, a 114,000-square-foot South End office building, for $43 million in March 2016.

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