Forget residential.(CIM Group Inc. plans to construct office building)

Los Angeles Business Journal | March 13, 2006| | Copyright

While a number of Hollywood buildings are being converted into condominiums, CIM Group Inc. has shifted its attention to building high-end office space.

The group is close to a deal to buy the 75,000-square-foot Security Pacific building at the northeast corner of Hollywood Boulevard and Cahuenga Avenue from the Bolour Trust for $16 million, or $213 a foot. Michel Bolour declined to comment on the transaction.

Hollywood-based CIM Group plans to extensively renovate and reposition the 83-year-old building and recruit a restaurant or shop to take over the ...

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