CIM is shopping Miracle Mile office campus for $52M

CIM Group is looking to sell half of its Wilshire Boulevard office campus, seeking bids of roughly $52 million, The Real Deal has learned.

The listing contains a 2.4-acre parking lot and a 185,000-square-foot Class A office building at 4680 Wilshire Boulevard.

The Los Angeles-based firm doled out $91 million for the four-asset portfolio in April 2014. It paid $44.3 million for the portion it is selling, CoStar shows. The other two properties, which aren’t for sale, are 4700 Wilshire Boulevard, which serves as CIM’s headquarters, and the adjacent 4750 Wilshire Boulevard, which houses the original seller, Farmers Insurance Group.

The office building that’s part of the listing now is completely vacant, said Kevin Shannon of NGKF, who has the listing along with colleagues Ken White and Rob Hannan. It has been empty since Farmers Insurance Group moved out of the space and into 4750 Wilshire a year ago.

The eight-story, 1937-built structure was last renovated in 1966, according to marketing materials. The Larchmont Chronicle first spotted the listing, which is marketed as a “rare creative office campus repositioning opportunity.”

In 2015, CIM filed plans for an 87-unit mixed-used project at the 4.25-acre site, city documents show. The plans called for 53 units in the existing building and the construction of 11 townhomes, 17 condos, and six small lot single-family homes. CIM, however, has since abandoned the proposal.

“If the new buyer wanted to step in that direction, they still could,” White said. “But the current market positions it best as a conversion to creative offices.”

CIM is also selling the 52-story Two Cal Plaza, which it bought for a total of $369.7 million in two separate transactions for the property and the land. Sources told TRD the trophy tower could fetch bids in the $550 million ballpark.