Posted by: BayAreaComRE | January 15, 2010

CIM Group Aquires 211 Main Street – 371,825 SF in SOMA

The Booth family successfully unloaded 211 Main, the headquarters of Charles Schwab, in their portfolio this week, and our sources indicate the sale closed at $278 per sf, or $112,000,000 which implies an 8.75 % cap rate. Charles Schwab currently pays above market rates through 2018.

GlobeSt reported on this sale as well. “The Los Angeles-based CIM Group has acquired the 371,825-square-foot 211 Main St. building in the South Financial District. The 18-story office building is fully-leased to and is the headquarters of Charles Schwab & Co., whose lease for the building runs through April of 2018.” reported Globst.

“The CIM Group’s holdings in the Bay Area include other office buildings in San Francisco and approximately 1.7 million square feet of office properties and two hotels in Oakland. It also owns 22 apartment buildings totaling 418 units in San Francisco.”

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