SAN FRANCISCO—CIM Group has purchased 330 Townsend in San Francisco for an undisclosed sum. The 98 percent-leased, 60,000-sq.-ft. office building is located in the South of Market District, which has one of the lowest office vacancy rates in the city.
Through the West SoMa Community Plan, 330 Townsend is zoned for additional development. CIM has not said yet whether it will add to the building.
This purchase is one of several recent buys for CIM, which has been in the Greater Bay Area since 2001. The real estate and infrastructure investment firm also recently purchased 260 Townsend, a 100 percent occupied, class-A office building, located one block from 330 Townsend. Additionally, CIM purchased 211 Main St., also a fully-occupied, class-A building just a couple blocks from the other buys.
In total CIM owns 2.7 million sq. ft. of class-A office property in the Bay Area as well as two hotels.