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Image of Port of Oakland approves transfer of ground lease assignments of Jack London Square to CIM Group

Port of Oakland approves transfer of ground lease assignments of Jack London Square to CIM Group

Press Releases, Commercial Real Estate
February 1st, 2016

Press Release

For Immediate Release
February 1, 2016

Port of Oakland approves transfer of ground lease assignments of Jack London Square to CIM Group

CIM to assume mixed-use property

Oakland, CA - February 1, 2016: The Oakland Board of Port Commissioners has approved the assignment of several long term leases at Jack London Square to CIM Group. CIM is a full service real estate and infrastructure investment firm headquartered in Los Angeles with regional offices located at One Kaiser Plaza in downtown Oakland, New York City, Dallas, and the Washington, D.C. area.

In addition to seven ground leases, CIM will also acquire two privately-owned parcels adjacent to the Square and intends to operate the properties as one integrated complex. CIM will be assuming these ground leases from the Port's long-term master lessee, Jack London Square Ventures, which is comprised of Ellis Partners, Transbay Holdings and DivcoWest. Jack London Square Ventures has been responsible for the significant redevelopment of the Square over the past 14 years, including the construction of three new mixed-use buildings, the attraction of numerous new tenancies, and a robust reinvigoration of the special events programs and community celebrations hosted in the Square each year.

"CIM has a solid track record of developing and repositioning innovative projects in urban communities throughout the United States," said Port of Oakland Director of Commercial Real Estate Pamela Kershaw. "CIM also has strong financial backing and extensive operating experience managing its vast portfolio of properties. We are very pleased to welcome CIM into our portfolio of property holdings as the new master lessee here in Jack London Square."

For more than 20 years CIM has invested in urban communities throughout North America with investments located primarily in the Bay Area, Los Angeles, New York City, Washington, D.C., and Chicago. As a large-scale owner and operator, CIM provides a range of asset and property management, leasing, and parking services for its properties and tenants.

Additionally, CIM has extensive experience in mixed-use retail and entertainment-focused complexes such as Hollywood & Highland Center in Los Angeles, Block 37 in Chicago, and Epicentre entertainment center in Charlotte, each having distinctive marketing and special events programs.

About the Port of Oakland
The Port of Oakland oversees the Oakland seaport, Oakland International Airport, and 20 miles of waterfront. Together with its business partners, the Port supports more than 73,000 jobs in the region and nearly 827,000 jobs across the United States.

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Contact:

Robert Bernardo,
Communications Manager
Port of Oakland
(510) 627-1401

Marilyn Sandifur,
Port Spokesperson
Port of Oakland
(510) 627-1193