CIM lists Farmers tower and parking lots for sale

| January 26, 2017 | 0 Comments

FOR SALE: The Farmers Insurance office tower and vacant parking lots to the east. Rendering of project previously proposed.

Hitting the local real estate market for re-sale are two of the four Park Mile blocks that CIM Group bought from original owner-builder, Farmers Insurance, in April of 2014.

CIM, a large real estate fund manager with approximately $19.2 billion of assets under management, will continue to house its international headquarters on the property west of Rimpau Blvd. The sales listing is only for the two blocks between Rimpau Blvd. and Muirfield Rd. There is no listing price. The broker for the “best offer” listing is Kevin Shannon of Newmark Grubb Knight Frank.

CIM’s own planning to adaptively reuse the historic office tower as residences, plus build 34 new units in triplexes, townhomes, and single-family homes on the land now just parking lots, has been recounted in detail in numerous articles in 2014-2016 issues of the Larchmont Chronicle, including a lengthy article explaining Park Mile Specific Plan zoning at:

CIM representatives say that the ever-changing real estate market has resulted in numerous unsolicited inquiries from buyers interested in purchasing the property, most likely for office use.

CIM representatives say it still is possible that the company will not sell the property and that all the planning for the tower’s adaptive reuse and construction of new residences will continue.

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