The Real Deal New York

CIM picks up 11 Madison stake

December 16, 2010 11:07AM

11 Madison Avenue and Tamir Sapir

Los Angeles-based investment firm CIM Group has picked up an equity stake in yet another Sapir Organization-developed property, 11 Madison Avenue, according to the Wall Street Journal. The news comes on the heels of CIM’s deal to purchase a stake in both the Trump Soho and William Beaver House. CIM is buying the property, which overlooks Madison Square Park and serves as the headquarters for Credit Suisse, for an undisclosed amount. Sapir bought the building from MetLife in 2003 for $675 million. Insiders say the three CIM-Sapir deals were negotiated at the same time. [WSJ]