CIM Group Acquires 2 Rector Street in Manhattan’s Financial District

Wed Jun 12, 2013 2:40pm EDT

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CIM Group Acquires 2 Rector Street in Manhattan’s Financial District

26-Story Building Becomes CIM’s Second Acquisition in Fast-Growing Submarket

CIM Group and Kushner Companies announced today the acquisition of the 26-story office building at 2 Rector Street in Manhattan’s bustling Financial District. The building was constructed in 1907 and the ornate façade has been preserved by the Trust for Architectural Easements (formerly known as the National Architectural Trust).

The office and retail building contains approximately 466,000 net rentable square feet and spans a full block on Rector Street with additional frontage along Trinity Place and Greenwich Street. The property has direct views of the historic Trinity Church across the street and sits just blocks from the transformational World Trade Center development, several major subway lines, ferry services and PATH trains to New Jersey.

Lower Manhattan is one of New York City’s fastest growing submarkets, with an influx of new office, retail, hotel and residential buildings. For more than a decade, CIM has been involved in the New York metropolitan area and made its first investment in the Financial District in 2010 with its acquisition of 15 William Street, a 47-story residential condominium. CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), One Madison Park, 47 E. 34th Street, 225 Fifth Avenue, as well as 200 Lafayette, which was also acquired in a partnership with Kushner Companies.

About CIM Group

CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com

About Kushner Companies

Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. Kushner Companies’ national reach consists of more than 20,000 multifamily apartments, as well as 7 million square feet of office, hotel, industrial and retail space throughout the Northeast and Mid-Atlantic regions.

Mendel Communications
Bill Mendel, 212-397-1030