Los Angeles-based real estate owner, operator, lender, and developer CIM Group recently announced the sale of Fifth + Tillery, one of its office properties in Austin. According to Austin American Statesman reporting, regional public transit agency Capital Metro (CapMetro) paid nearly $87.3 million for the office property at the corner of East Fifth and Tillery streets.

Fifth + Tillery was developed in 2019 through adaptive reuse of an industrial building that was originally completed in the early 1970s. Located on a nearly six-acre lot, the property incorporates roughly 187,000 square feet of creative east Austin office space and features a distinctive, modern style. Attributes that have redefined the contemporary creative office building include outdoor, walk-up access; open-air walkways; outdoor gathering spaces; private balconies; and a roughly 600kW array of solar panels — almost enough to bring the building to nearly net-neutral electricity use status, which is a significant advantage for the occupants’ operating expenses.

Additionally, the outdoor walkways and staircases from the ground-level parking offer access to each of the building’s three large floors without the need to traverse through a central lobby. Meanwhile, the grade-level parking includes more than 500 spaces for a parking ratio of roughly three spaces per 1,000 square feet. Amenities also include a fitness center, beautifully landscaped courtyards, and outdoor balconies with views of nearby downtown Austin.

Fifth + Tillery is located next to the current administrative headquarters of CapMetro. The regional agency reportedly saw the acquisition as a good way to cut down on leasing costs and better position itself for projected expansion in coming years.

CIM Group also recently sold the Hartland Plaza office building in Clarksville, west of downtown Austin. Yet, the company still maintains a significant footprint in the city, including major Austin skyline staple Chase Tower, as well as Eastside Village, 507 Calles, 1300 E. 5th St., and 1021 E. 7th St. What’s more, CIM also recently completed the first new ground-up building at Penn Field — the former airbase that was transformed into a 10-building, class A Austin creative office campus.

Fifth + Tillery office space in Austin at 3100 E. 5th Street. Property image courtesy of CommercialEdge.
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