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]
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CIM picks up 11 Madison stake
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