Magnum Real Estate Group LLC Key Developments

CIM Group Acquires 140 West Street

CIM Group and Magnum Real Estate Group announced the acquisition of a condominium interest primarily consisting of floors 11 through 31 in 140 West Street, a 32-story office tower in Manhattan's TriBeCa neighborhood. CIM and Magnum will convert the upper floors of the building to luxury condominiums. Located in southern TriBeCa, 140 West Street occupies a full city block with street frontage on West Street, Barclay Street, Vesey Street and Washington Street. Completed in 1927, the Art Deco building was the first prominent work of architect Ralph Walker and it is recognized as a premier Art Deco skyscraper. The building originally served as the headquarters for the New York Telephone company.

New York City is teeming with buildings designed by architect Ralph Walker—and, coincidentally, many of those have been converted into luxury residential buildings, including the Walker Tower at 212 West 18th Street, and Stella Tower on West 50th Street. But the transformation of Walker's Art Deco gem at 100 Barclay Street (formerly 140 West Street) in the Financial District may be the most hotly anticipated: The building, which came out of the September 11 attacks intact (if needing extensive repairs), is known for its gorgeous lobby, covered in luxe materials like travertine and black marble. It was purchased byBen Shaoul's Magnum Real Estate Group in 2013, with the intention of converting the 1920s structure into luxury condominiums. And despite the firm's (well, really, Shaoul's) controversial reputation, a recent tour showed that the interior revamp—being undertaken by Champalimaud Designs and GRADE—has preserved the building's character while giving it a modern update.

CIM Group® is a premier full service urban real estate and infrastructure fund manager with approximately $20.5 billion of assets under management.* Since its founding in 1994, CIM has been a process- and research-driven investor that mitigates risk through the fundamental analysis of the long-term drivers in communities. CIM® is a relative value investor that systematically targets investments that are priced below their long-term intrinsic value. Over time, CIM has delivered a strong risk-adjusted track record of returns by relying on its vertically-integrated team, investment discipline, and sourcing capabilities.