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11/29/12
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In a recent office lease comp from Santa Monica, Arizona State University (ASU) inked an expansion deal for a total of 9.4k sf, expanding on three floors, at Lincoln Place. The Class A office building, located at 725 Arizona Ave, in the heart of the city, is owned by CIM Group.
ASU, the largest university in the country by enrollment, is expanding in Los Angeles to provide prospective students and alumni with access to new programs and services. It will bring enrollment management and technology transfer staff to this location when it takes occupancy in the first quarter of 2013.
CIM acquired the four-story Lincoln Place office building, well located in one of the Los Angeles area’s strongest office submarkets, in June 2012. The building is designed to take advantage of the Santa Monica beach climate with operable windows and balconies in each of the office suites. It is in close proximity to Downtown Santa Monica and the Third Street Promenade, which offers a variety of retail and restaurant options for tenants. The area is a top location choice for technology and creative companies creating the opportunity for attractive properties such as Lincoln Place to be consistently fully leased.
For more than 18 years, CIM has invested in retail, residential and office properties in the Santa Monica community, and has made other investments in communities in the West Los Angeles area, including 11600 and 11620 Wilshire Blvd in Brentwood and 150 and 151 El Camino Drive in Beverly Hills. These communities were identified by CIM as possessing the attributes that fit with the firm’s urban investment strategy.
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