CIM Commercial Trust
Corporation (“CMCT”) (NASDAQ: CMCT and TASE: CMCT-L) announced
today that it has signed a long-term lease with Lisson Gallery for
the entire approximately 5,000-square-foot building at 1037 N.
Sycamore Ave. in Los Angeles.
Established in 1967, Lisson
Gallery is one of the most influential and longest-running
international contemporary art galleries in the world, with
locations in London, New York, and Shanghai. The space at 1037 N.
Sycamore will serve as Lisson Gallery’s first location in Los
Angeles, which is anticipated to open in Autumn 2022.
“We’re thrilled to be
opening a gallery in L.A. — the city has produced such an amazing
lineage of artists over the decades and I hope that we can help add
to the rich texture of the landscape. Many of our artists have
never had exhibitions on the West Coast, or haven’t shown in
decades. Bringing our artists' work to a new public audience is one
of the most important things we do, I can’t wait to welcome
everyone to our space and to our vibrant group of
artists,” said Alex Logsdail,
CEO, Lisson Gallery.
1037 N. Sycamore is a
standalone two-story industrial building featuring 25 foot clear
height, bow truss ceilings, and a dedicated parking lot. Located on
Sycamore Avenue between Santa Monica Boulevard and Romaine Street,
the area now known as the Sycamore District is home to several
media and entertainment businesses, specialty retail, and
restaurants such as SiriusXM, RocNation, Just One Eye, Jeffrey
Deitch, Tartine, Gigi’s, and Sightglass.
The emerging Sycamore District
blends the adaptive reuse of existing architecturally distinct
buildings, like 1037 N. Sycamore, with new construction that has
brought apartments, creative office, and specialty retail space to
the area. Adding to the neighborhood’s appeal is its position
within the southern portion of historic Hollywood, adjacent to West
Hollywood and central to the greater Los Angeles metropolitan
area.
“Lisson Gallery’s decision to
debut in Los Angeles in the Sycamore District is a testament to the
desirability of the repositioned industrial architecture that is
well-suited to the arts, as well as this vital, emerging
neighborhood. We believe Sycamore is the newest Los Angeles
destination for media, art, and culture, that is equally attractive
to businesses and residents as it offers a walkable urban
environment with a commitment to world class design and
architecture,” said Shaul Kuba, Director and Board Member, CMCT and
Co-Founder and Principal, CIM Group.
CMCT acquired 1037 N. Sycamore
in July 2021 in an off-market transaction and has overseen
renovations of the facilities which are anticipated to be completed
later this year.
About CMCT
CMCT is a real estate investment trust that primarily owns and
operates Class A and creative office real assets in vibrant and
improving metropolitan communities throughout the United States.
CMCT, supported by the broad real estate capabilities of CIM Group,
primarily seeks to focus on the acquisition, ownership, operation
and development of creative office and multifamily real assets in
vibrant and emerging communities. CMCT is operated by affiliates of
CIM Group, L.P., a vertically-integrated owner and operator of real
assets with multi-disciplinary expertise and in-house research,
acquisition, credit analysis, development, finance, leasing, and
onsite property management capabilities.
(www.cimcommercial.com).
About Lisson Gallery
Lisson Gallery is one of the most influential and
longest-running international contemporary art galleries in the
world. Today the gallery supports and promotes the work of more
than 60 international artists across two spaces in London, three in
New York City and East Hampton, and one in Shanghai, as well as the
newest location in Los Angeles, opening in Autumn 2022. Established
in 1967 by Nicholas Logsdail, Lisson Gallery pioneered the early
careers of important Minimal and Conceptual artists, such as Art
& Language, Carl Andre, Daniel Buren, Donald Judd, John Latham,
Sol LeWitt, Richard Long and Robert Ryman among many others. It
still works with many of these artists as well as others of that
generation from Carmen Herrera to the renowned estates of Leon Polk
Smith, Ted Stamm and Roy Colmer.
In its second decade the gallery introduced significant British
sculptors to the public for the first time, including Tony Cragg,
Richard Deacon, Anish Kapoor, Shirazeh Houshiary and Julian Opie.
Since 2000, the gallery has gone on to represent many more leading
international artists such as Marina Abramović, Ai Weiwei, John
Akomfrah, Susan Hiller, Tatsuo Miyajima and Sean Scully. It is also
responsible for raising the international profile of a younger
generation of artists led by Hugh Hayden, Van Hanos, Cheyney
Thompson, Cory Arcangel, Ryan Gander, Haroon Mirza, Laure Prouvost,
Pedro Reyes and Wael Shawky.
About SYCAMORE
SYCAMORE is an evolving neighborhood where creative
entrepreneurs have come together to establish passionate ventures
in music, art, design, wellness, and food. Located in the heart of
Los Angeles, east of La Brea Avenue and south of Santa Monica
Boulevard within Hollywood’s historic Media District, SYCAMORE has
flourished into a thriving urban locale that is best explored on
foot. It is home to leading media and entertainment companies
including SiriusXM, Roc Nation, Showtime, Ticketmaster/Live Nation,
Oprah Winfrey Network, and Hyperobject Industries. SYCAMORE is also
a lifestyle destination featuring unique offerings and experiences.
Discover innovative new artists at local galleries such as Jeffrey
Deitch, LAXART, Regen Projects, and Various Small Fires. Browse
stylish curated goods at Just One Eye, RetroSpecs & Co.,
SUPERVINYL, and more. Stimulate your physical senses at Pause
Wellness Studio, Burke Williams, and PLATEFIT. Indulge your
culinary tastes at Tartine, Sightglass, Mizlala, and Gigi’s. Watch
the SYCAMORE story evolve and stay tuned for more unique projects
opening through 2022 by following @sycamoredistrict.
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 (the “Exchange
Act”), which are intended to be covered by the safe harbors created
thereby. Such forward-looking statements are based on particular
assumptions that management of CMCT has made in light of its
experience, as well as its perception of expected future
developments and other factors that it believes are appropriate
under the circumstances. Forward-looking statements are necessarily
estimates reflecting the judgment of CMCT’s management and involve
a number of risks and uncertainties that could cause actual results
to differ materially from those suggested by the forward-looking
statements. These risks and uncertainties include those associated
with (i) the scope, severity and duration of the current pandemic
of COVID-19, and actions taken to contain the pandemic or mitigate
its impact, and the winding-down of or termination of governmental
assistance programs implemented to address the pandemic, (ii) the
adverse effect of COVID-19 on the financial condition, results of
operations, cash flows and performance of CMCT and its tenants and
business partners, the real estate market and the global economy
and financial markets, among others, (iii) the timing, form, and
operational effects of CMCT’s development activities, (iv) the
ability of CMCT to raise in place rents to existing market rents
and to maintain or increase occupancy levels, (v) fluctuations in
market rents, including as a result of COVID-19, and (vi) general
economic, market and other conditions. Additional important factors
that could cause CMCT’s actual results to differ materially from
CMCT’s expectations are discussed under the section “Risk Factors”
in CMCT’s Annual Report on Form 10-K for the year ended December
31, 2020. The forward-looking statements included herein are based
on current expectations and there can be no assurance that these
expectations will be attained. Assumptions relating to the
foregoing involve judgments with respect to, among other things,
future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to
predict accurately and many of which are beyond CMCT’s control.
Although CMCT believes that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could be inaccurate and, therefore, there can be no assurance that
the forward-looking statements included herein will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by CMCT or
any other person that CMCT’s objectives and plans will be achieved.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made. CMCT does not undertake to update
them to reflect changes that occur after the date they are made,
except as may be required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220214005263/en/
For CIM Commercial Trust Corporation Media Relations:
Karen Diehl, Diehl Communications, 310-741-9097
karen@diehlcommunications.com or Shareholder Relations: Steve
Altebrando, 646-652-8473 shareholders@cimcommercial.com
Creative Media and Commu... (NASDAQ:CMCT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Creative Media and Commu... (NASDAQ:CMCT)
Historical Stock Chart
From Oct 2023 to Oct 2024