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Deals & Dealmakers

CIM Group closes $44M acquisition of Gramercy office tower

CIM Group has closed on its acquisition of an office building in Gramercy Park for $44 million, according to documents filed with the city today.

The property, at 67 Irving Place, is a 12-story building between East 18th and East 19th Street. It was previously owned by Puble N.V., which filed for Chapter 11 bankruptcy in May, according to a previous report from the Commercial Observer. Puble has owned the 44,160 s/f property since 1986.

CIM Group, which is based in Los Angeles, California, has $18.1 billion worth of assets in its portfolio. Its New York City properties includes Trump SoHo, 260 South Street and 737 Park Avenue. Last August, it bought 16 Court Street, Brooklyn’s tallest office tower, in a deal worth $171 million.

CIM’s latest acquisition was built in 1909 and was recently valued at $40 million. Tenants in the building include Drake Design Associates, Bedford Cheese Shop and Heritage Realty Services.

 

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