CIM Group lists part of its Miracle Mile office campus

The prolific developer purchased the four-property office campus from Farmers Insurance in 2014

Jun.June 04, 2019 01:10 PM
CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)
CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

In 2014, CIM Group paid Farmers Insurance Group around $91 million for a four-property office campus in the Miracle Mile district, setting up its headquarters there.

Now, the investment firm wants to shed one of those properties.

Los Angeles-based CIM Group wants to sell its 143,000-square-foot property at 4750 Wilshire Boulevard, according to its latest federal filing with the Securities and Exchange Commission.

CIM paid Farmers $45 million for the property as part of the 2014 deal, according to L.A. County records. The firm could not be immediately reached for comment and its financial disclosures did not indicate its target price.

Farmers now rents out that property. At the time of the 2014 sale, Farmers occupied an eight-story Art Deco building at the eastern end of the campus. CIM Group wanted to redevelop that 1937-vintage building as a mixed-use project with a residential component. Farmers moved out of that location in 2016, and CIM now has offices there.

But CIM scrapped the redevelopment plans a year later and began shopping the older building and a neighboring parking lot together, for $52 million. A sale never closed and in April CIM restarted its redevelopment plans. The firm is now seeking approval for an 87-unit residential project there.

CIM is one of the more active developers in the city, and it was recently revealed that the company spent more than $500,000 last year lobbying L.A. city officials for its projects.

It is currently working on a 63-unit residential project in Hollywood, and in January signed Showtime Networks to a 50,000-square-foot lease at The Lot, a studio campus in the neighborhood.

Its also fighting a lawsuit from the AIDS Healthcare Foundation over Sunset Gordon Tower, a property in Hollywood that’s been shuttered since 2015.

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