CIM Group is bullish on West Adams.
An entity tied to CIM Group Principal Counsel Nick Morosoff wants to build a mixed-use project at 5600 West Adams Boulevard, which would add to the two existing constructions it has on the books there. The latest filing — in May but which had not been previously reported — would include three stories one level of underground parking.
CIM Group would need to demolish a single-family home and a former church on the property, which spans four lots.
The private equity firm purchased the property in 2017 for $4.2 million and is moving through the parallel design-permitting process, which is faster than doing each successively.
The office’s proximity to Culver City could be attractive to companies looking to be close to the Westside’s expanding media and tech hub, but without the cash to lease within Culver proper.
While CIM Group has focused much of its work in Hollywood, it has made a number of plays in West Adams recently. The firm plans to build a 78-key hotel less than a mile from the West Adams Boulevard site. In April, it secured a construction permit for a six-story building at 2231 South Western Avenue, a site to the east and closer to Jefferson Park than Culver City.
The company recently started work on the third and final office building at The Lot, a production studio complex in Hollywood. The six-story Courtyard Building includes nearly 100,000 square feet of office space.
Source: The Real Deal Los Angeles