Historic Desmond Office and Retail Building Acquired by CIM Group
The asset is located in Los Angeles’ Miracle Mile.
LOS ANGELES–CIM Group has purchased The Desmond, an 11-story, 79,000-square-foot office and retail building in the Miracle Mile district. Offering approximately 28,000 square feet of ground floor retail space, the building houses 51,000 square feet of office space on the upper floors, and 67 parking spaces.
Designed by prominent architect Gilbert Stanley Underwood and originally built in 1928, Desmond’s was the first major clothing retailer on the Miracle Mile when it opened in 1929. The building was designated more than 30 years ago as a Historic-Cultural monument.
Most recently renovated in 1990, the enhancements preserved the architecture, terrazzo floors, ornate stone lobby, handcrafted gold-painted leaf ceilings, operable windows, and rooftop sky deck.
CIM is a real estate and infrastructure owner, developer, and operator in Los Angeles, and its headquarters is less than one mile from The Desmond. The company has led more than $56 billion of projects in communities across the Americas on behalf of its own account and its partners, co-investors and shareholders.