CIM Group Expands Penn Field Campus with Addition of 44,000-Square-Foot Creative Office Building

AUSTIN, Texas–(BUSINESS WIRE)–CIM Group is expanding the creative office space available at Penn Field
campus with the start of construction of a new 44,000-square foot,
two-story building at 3601 South Congress Avenue. The contemporary
building is the first new building and the eleventh in the mixed-use
campus. The new building will be located close to the Congress Avenue
entrance and is designed to accommodate a single user or two
single-floor tenants of approximately 21,000 square feet each.

Known as Building L, following Penn Field’s building nomenclature, the
new creative office space will be fully-modern with all of the
attributes desired by today’s businesses including high ceilings,
outdoor patios and terraces, and large floorplates for flexibility of
configuration. Building L’s exterior design takes cues from the historic
warehouses and industrial character of Penn Field. A soaring double
height lobby accessed from a shaded entry court will infuse the building
with natural light as will the dramatic floor-to-ceiling windows
throughout.

Penn Field is a 183,855-square-foot, 16-acre, mixed-use property located
at 3601 South Congress Avenue in Austin’s “SoCo” Business District. It
was originally developed in 1918 as an air base for the U.S. Army. The
industrial buildings of post-World War I design have been transformed
over time into what is today a creative campus with a mix of office,
restaurant, and warehouse space in a landscaped setting that is home to
a variety of businesses.

Penn Field is well-located with easy access to major thoroughfares
including I-35, Hwy. 71 and Hwy. 290 and the Bergstrom International
Airport and proximate to numerous residential communities.

Completion of Building L is anticipated in early 2020.

CIM Group utilizes its broad expertise of developing, leasing, operating
and repositioning real estate assets to transform communities and create
dynamic environments across the country, and brings its proven
experience to the development of Building L at Penn Field. For more than
10 years, CIM has been an owner and operator of real assets in Austin
with properties including the Seaholm Power Plant mixed-use
redevelopment, District at SoCo apartment community, Hartland Plaza
office complex, Eastside Village office building and The Independent
condominium tower.

ABOUT CIM GROUP

CIM is a community-focused real estate and infrastructure owner,
operator and lender. Since 1994, CIM has led more than $60 billion of
projects in communities across the Americas on behalf of its own account
and for its partners and co-investors. CIM’s broad in-house expertise
includes decades of research, acquisition, credit analysis, development,
finance, leasing and property management experience in real assets
located in and serving densely-populated communities, net-lease assets
and other associated credit strategies. Using its disciplined approach
and extensive in-house expertise, CIM seeks to create value in projects,
which ultimately enhances communities. For more information, visit www.cimgroup.com.

Contacts

Media contact:
Karen Diehl
Diehl Communications
310-741-9097
karen@diehlcommunications.com

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