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LOS ANGELES-The Hollywood-based CIM Group has sold the commercial portionof its 473,000-sf 801 S. Grand tower, a 22-story office and residential property at Eighth Street and Grand Avenue that CIM Group renovated and repositioned. Terms are undisclosed, but sources peg the price at about $50M.

The buyer was New York City-based Brickman Associates, a real estate private equity firm. CIM Group acquired the building in 2003 when the vacancy rate was 49% at the tower. Partnering with Lee Homes, CIM Group renovated and repositioned the property by converting the top 11 floors to luxury loft-style condominiums while retaining the lower 10 floors as class A office space and enhancing the ground floor retail.

The condominiums, called Sky, are 100% sold and the vacancy rate for the 206,000-sf of office space at 801 S. Grand stood at 84% at the time of the sale. John Given, a principal with CIM Group, calls the repositioning program “a solid indicator of thestrength and continued growth potential for this area of Downtown LosAngeles.”

The deal marks the continued expansion of Brickman in the Los Angeles metro area. The firm acquired the 385,455-sf 915 Wilshire Blvd. office building in early 2007 and holds an interest in 2600-2800 Colorado Ave. in Santa Monica, notes Michael Bernstein, executive vice president at Brickman.

CIM Group was represented in the sale by the Jones Lang LaSalle team of David Doupe, Peter Best, Larry Krasner, Baker Morphy and Cheri Pierce.

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