CMCT Invests in Echo Park, Los Angeles
February 22 2022 - 8:30AM
Business Wire
CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that it,
along with a co-investor, has made a $51 million investment in 1910
W. Sunset Blvd., and will transform the approximately
99,000-square-foot building into the preeminent creative office
property in the Echo Park neighborhood of Los Angeles. CMCT will
own approximately 44% of the property.
1910 W. Sunset is an eight-story tower, the tallest in Echo
Park, and provides on-site parking and ground-floor retail
amenities including two banks and two restaurants. Offices are
infused with natural light with floor-to-ceiling windows and
provide nearly unimpeded views of Downtown Los Angeles and the
region. Among its location attributes is the property’s position in
a highly walkable neighborhood with boutique shops and fashion
retailers, art studios and galleries, and an eclectic mix of
dining.
“1910 W. Sunset is in a centrally located Los Angeles
neighborhood with a wealth of retail, restaurant, and recreation
amenities. CMCT will reposition the property into collaborative and
inspiring creative office space that aligns with the demands of
tenants in tech, media, and entertainment industries in the market
today,” said David Thompson, Chief Executive Officer of CMCT.
CMCT plans to undertake a capital improvement program to
renovate and modernize the building into creative office space,
including an update of the lobby and the addition of communal
areas, while applying sustainable development and property
management policies.
1910 W. Sunset is situated on a 1.24-acre site at the southeast
corner of Sunset Boulevard and Park Avenue and one block north of
Echo Park Lake, a City of Los Angeles Cultural Historic Monument.
The property is conveniently located adjacent to a Metro Line bus
stop on Sunset Boulevard, a major regional thoroughfare, and
benefits from excellent access to a network of major freeways
including the Hollywood (101), Pasadena (110), Glendale (2), and
Golden State (5).
ABOUT CMCT
CMCT is a real estate investment trust that owns, operates and
develops premier multifamily and creative office assets in vibrant
and emerging communities throughout the United States. The company
is a leader in creative office, acquiring and developing properties
catering to rapidly growing industries such as technology, media
and entertainment. CMCT applies its expertise to the acquisition
and development of top-tier multifamily properties situated in
dynamic markets with similar business and employment
characteristics to its creative office investments. 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).
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 can be identified by the
use of forward-looking terminology such as “may,” “will,”
“project,” “target,” “expect,” “intend,” “might,” “believe,”
“anticipate,” “estimate,” “could,” “would,” “continue,” “pursue,”
“potential,” “forecast,” “seek,” “plan,” or “should” or the
negative thereof or other variations or similar words or phrases.
Such forward-looking statements include, among others, statements
about CMCT’s plans and objectives relating to future growth and
development of properties acquired. 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 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 filed with the
Securities and Exchange Commission (“SEC”) on March 16, 2021 and
amended on April 30, 2021 (the “2020. Form 10-K”). 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 we believe 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220222005451/en/
Media Contacts Karen Diehl Diehl Communications
310-741-9097 karen@diehlcommunications.com
Shareholder Relations CIM Group 646-652-8473
shareholderrelations@cimgroup.com
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