CIM Signs Lease with Oprah Winfrey Network at New Creative Office Building
CIM Group announced today that it has signed a lease with the OPRAH WINFREY NETWORK (OWN) for three floors of the recently completed 98,000-square-foot, five-story creative office building, Formosa South at The Lot studios. OWN is relocating to The Lot where it will and have access to the existing sound stages and other production facilities.
Built to LEED Gold standards, the state-of-the-art Formosa South building is the first in a series of new office buildings being developed at The Lot. It features large floor plates, 13-foot average ceiling heights, floor-to-ceiling high-performance glass with operable windows, and terraces and balconies. Formosa South was designed to appeal to creative businesses that desire a studio environment with adjacent facilities such as the commissary and sound stages. The building is near the remodeled studio arrival gate featuring new security facilities, access controls, and landscaping.
The Lot is an 11-acre studio campus on Santa Monica Boulevard, bounded by Formosa Avenue and Poinsettia Place in West Hollywood, offering seven sound stages, a commissary, and post-production and office buildings. Many well-known movie productions including The Best Years of Our Lives, Guys and Dolls, Westside Story, and Some Like It Hot have been filmed at The Lot since it was founded in 1919 by Mary Pickford and Douglas Fairbanks. In September 1980 the studio was acquired by Warner Brothers and became known as the Warner Hollywood Studio. During this time Aaron Spelling Productions came to the studio and produced many popular television series including The Love Boat and Dynasty. More recently The Social Network and True Blood were produced at The Lot.
CIM is an investor in communities throughout North America. CIM identified the city of West Hollywood as an urban district that meets the firm's strategic investment guidelines, and made its first investment in the community in 2005. Since then, it has acquired and developed a portfolio of properties in West Hollywood that include office, retail, studios, hotel and multifamily residential properties.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.
SOURCE: BUSINESS WIRE ©2014 Business Wire