CIM Group Sells Austin Creative Office Building

CIM Group has sold Fifth + Tillery, a creative office building near downtown Austin, Texas. Image courtesy of CIM Group

CIM Group has sold Fifth + Tillery, a creative office building near downtown Austin, Texas, to the metro’s public transportation provider. Capital Metro acquired the property for nearly $87 million, according to the Austin American-Statesman.

The three-story office building totals 182,700 square feet, with floors ranging from 57,544 square feet to 65,588 square feet. Fifth + Tillery can accommodate tenants with flexible floorplates starting at 10,000 square feet, with each floor being accessible from outdoor walkways and ground-level parking.

The office building also features a 600 kW solar array, outdoor walk-up access, open-air walkways, outdoor spaces, private balconies and approximately 500 parking spaces. Located at 618 Tillery St. in East Austin, the property is more than 3 miles from the city’s downtown area.

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CIM Group acquired Fifth + Tillery in October 2019, along with two other buildings in the Austin area. According to CommercialEdge data, Comerica Bank provided a nearly $36 million loan to CIM Group for the creative office property. While the original building was developed in 1973 as a warehouse, the new owner’s plans were to convert the structure into the creative office configuration that exists today. CIM Group tapped Gensler to design the redevelopment, which was completed in 2020.

Strong Austin office presence

Apart from Fifth + Tillery, CIM Group recently sold Hartland Plaza, another Austin office building. Despite the two recent sales, the company plans to expand its footprint in the metro.

CIM Group’s portfolio in the Austin market includes major properties like Eastside Village, Chase Tower, 507 Calles, 1300 E. 5th St. and 1021 E. 7th St. The company has been developing another adaptive reuse project in the city, called Penn Field, completing the first building in mid-2020.