CIM Group is building a new office project on Sycamore Avenue

Firm is adding office and multifamily stock to area in Hollywood around Santa Monica Boulevard

Rendering of CIM's eight-story project at 926 Sycamore Avenue
Rendering of CIM's eight-story project at 926 Sycamore Avenue

CIM Group is deepening its presence in Hollywood with another office development.

The L.A. firm is planning an eight-story project at 926 Sycamore Avenue with around 45,600 square feet of office space and 7,500 square feet of ground floor retail space, according to Urbanize. Renderings from a leasing brochure distributed by CBRE show three stories of office space atop five levels of parking.

Pricing is $5.25 per square foot with delivery expected in the fourth quarter of 2020, according to the brochure.

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As recently as last June, CIM planned to expand a warehouse on the property into a four-story office building with 24,000 square feet.

The company owns numerous properties in the surrounding blocks and is developing office and multifamily assets there. The firm is currently building a 75,000-square-foot office building at the end of the block, at the corner of Romaine Street. SiriusXM signed a lease for 27,000 square feet there last May.

CIM is also developing a mixed-use project a few blocks away at 904 La Brea Avenue. It also recently completed work on a creative office project called Formosa West at a historic film production studio on N. Formosa Avenue. The television network Showtime signed a 45,000-square-foot lease there in January.