CIM Group has acquired Chase Tower, a 21-story, approximately 390,000-square-foot Class A office building with ground floor retail in downtown Austin. Located at 221 W Sixth Street, the tower and adjacent parking structure span a full city block.
Built in 1974, the property is located in the heart of the Central Business District, surrounded by an abundance of restaurant, retail, entertainment and hotel options, and is a short walk to the hike and bike trail fronting Lady Bird Lake.
The building is occupied by tenants representing a diverse set of industries, including financial services, technology, law and professional services.
Since 2007, CIM has been an active owner and operator in Austin with a diverse portfolio of office, residential, retail, and mixed-use properties, where it applies its community-focused approach to real estate to enhance neighborhoods. The acquisition of Chase Tower adds to CIM’s growing office portfolio in Austin, which includes East Side Village, Hartland Plaza, and Penn Field on South Congress, where CIM is constructing a 44,000-square-foot building, the first new building and the eleventh on the campus.
CIM’s Austin portfolio also includes The Independent, a recently completed 58-story, 363-unit condominium tower and the tallest building in Austin. Adjacent to The Independent, CIM developed the Seaholm project, a redevelopment of the 126,000-square-foot 1950’s era, decommissioned historic art deco Seaholm Power Plant into office and restaurant uses, along with new development, including a two-story, 68,000-square-foot low-rise contemporary glass and steel building anchored by a Trader Joe’s grocery store, and the 30-story, 280-unit Seaholm Residences condominium tower. CIM also owns and operates the District at SoCo apartment building.