August 21, 2019
CIM Group is now the owner of Chase Tower, a 21-story, 390,000-square-foot, Class A office building in downtown Austin. The Los Angeles buyer shook hands with the seller, a joint venture between Goldman Sachs Asset Management and Lincoln Property Co., for the property at 221 W. 6th St. Cushman & Wakefield handled the marketing, and represented the seller in the transaction.
Delivered in 1974, Chase Tower and its adjacent parking lot span a full city block. The sales price was undisclosed, though in an interview from March 2019, Cushman & Wakefield’s Mike McDonald observed the building could command a price of approximately $240-per-square-foot.
CIM is no stranger to Austin, just having completed the 363-unit condominium tower, The Independent, the metro’s tallest building. Other office properties in CIM’s portfolio include East Side Village, Hartland Plaza and Penn Field.
For comments, questions or concerns, please contact Amy Sorter