LOS ANGELES--(BUSINESS WIRE)--Sep. 12, 2024--
CIM Group announced today that it has signed Southern California Gas Company (SoCalGas) to a long-term lease for approximately 198,553-square-feet at City National 2CAL.
CIM Group’s 1.4 million-square-foot, 52-story office building at 350 S. Grand Ave. in the Bunker Hill District of Downtown Los Angeles will serve as the new headquarters for SoCalGas. The tenant will be relocating from its namesake Downtown Los Angeles building, Gas Company Tower, where it has been located since the building’s opening in 1991. At its new space, SoCalGas will have project and building top signage at the property.
SoCalGas is the largest gas distribution utility in the United States serving approximately 21 million consumers across approximately 24,000 square miles of Central and Southern California.
“SoCalGas is excited to maintain our headquarters in downtown Los Angeles, where we have a long history as one of the area’s largest tenants,” said Erin Smith, senior vice president, chief talent, culture, and operations support officer. “We look forward to continuing to work collaboratively with the state of California as we lead clean energy innovations and serve our 21 million customers.”
CIM Group’s lease with SoCalGas is the largest new office lease completed to date in downtown Los Angeles in 2024. The SoCalGas lease follows CIM Group’s December 2023 lease to Shepard Mullin for 119,217 square feet at City National 2CAL which marked Downtown Los Angeles’ largest new office lease transaction in 2023.
“SoCalGas had many options for its headquarters location and CIM Group appreciates its selection of City National 2CAL. This is another significant milestone for the property and we believe supports our commitment to ensuring that the building is a premier business location option in downtown Los Angeles. Through CIM Group’s investment in the quality of the physical space as well as the experience at the property, City National 2CAL holds a strong competitive position in the Downtown Los Angeles office market,” said Shaul Kuba, Co-Founder and Principal, CIM Group.
Since acquiring the property in 2014, CIM Group has implemented a program of capital and operational improvements at City National 2CAL. The entrances and plaza levels have been refreshed and modernized to create a more appealing lobby area and greater pedestrian connectivity.
In addition to the building’s interiors, CIM Group contributed to the comprehensive renovation of The Yard, a 1.5-acre central court and performance plaza shared with 1 CAL and the Omni Los Angeles Hotel. The park-like plaza offers expanded and inviting public green spaces with spots for gathering on the lawn and enhances the audience experience when attending the outdoor Grand Performances.
Alongside CIM Group’s continued investment in capital and operational improvements is its commitment to sustainability. In 2023 City National 2CAL was recertified as LEED Platinum for another five years. It has also achieved the UL Verified Healthy Building Verification Mark for Indoor Air and Water and earned Fitwel®, ENERGY STAR, and WiredScore certifications.
Geno St. John from CIM Group’s in-house office leasing team, in partnership with Peter Hajimihalis and Hayley Blockley from JLL, represented the owner. Clay Hammerstein and Danny Rees from CBRE represented the tenant in the transaction.
For more information on City National 2CAL, visit www.citynational2cal.com.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
About SoCalGas
SoCalGas is the largest gas distribution utility in the United States serving approximately 21 million consumers across approximately 24,000 square miles of Central and Southern California. SoCalGas' mission is to build the cleanest, safest, most innovative energy infrastructure company in America. SoCalGas aims to deliver affordable, reliable, and increasingly renewable gas service through its pipelines to help advance California's clean energy transition by supporting energy system reliability and resiliency and enabling the integration of renewable resources. SoCalGas is a recognized leader in its industry and community, as demonstrated by being named one of Reuters' Top 100 Innovators Leading the Global Energy Transition and Corporate Member of the Year by the Los Angeles Chamber of Commerce. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company. For more information, connect with SoCalGas on social media @SoCalGas.
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Karen Diehl
Diehl Communications
karen@diehlcommunications.com
(310) 741-9097
Source: CIM Group
