An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
CMCT Signs Long-Term Lease with Internationally Renowned Lisson Gallery for First Los Angeles Location
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
CIM Commercial Trust Corporation (CMCT) has signed a long-term lease with Lisson Gallery for a 5,000-square-foot building at 1037 N. Sycamore Ave, Los Angeles. This will be Lisson's first location in L.A., expected to open in Autumn 2022. CMCT acquired the property in July 2021 and has made renovations to enhance its appeal. The Sycamore District, where the space is located, is emerging as a cultural hub, attracting media and art-focused businesses. The long-term lease symbolizes confidence in this revitalized area.
Positive
Signing a long-term lease with Lisson Gallery enhances CMCT's property portfolio.
Lisson Gallery's reputable brand is expected to attract visitors, positively impacting foot traffic.
The acquisition and renovation of 1037 N. Sycamore showcases CMCT's commitment to enhancing real estate value in emerging neighborhoods.
Negative
None.
LOS ANGELES--(BUSINESS WIRE)--
CIM Commercial Trust Corporation (“CMCT”) (NASDAQ: CMCT and TASE: CMCT-L) announced today that it has signed a long-term lease with Lisson Gallery for the entire approximately 5,000-square-foot building at 1037 N. Sycamore Ave. in Los Angeles.
Established in 1967, Lisson Gallery is one of the most influential and longest-running international contemporary art galleries in the world, with locations in London, New York, and Shanghai. The space at 1037 N. Sycamore will serve as Lisson Gallery’s first location in Los Angeles, which is anticipated to open in Autumn 2022.
“We’re thrilled to be opening a gallery in L.A. — the city has produced such an amazing lineage of artists over the decades and I hope that we can help add to the rich texture of the landscape. Many of our artists have never had exhibitions on the West Coast, or haven’t shown in decades. Bringing our artists' work to a new public audience is one of the most important things we do, I can’t wait to welcome everyone to our space and to our vibrant group of artists,” said Alex Logsdail, CEO, Lisson Gallery.
1037 N. Sycamore is a standalone two-story industrial building featuring 25 foot clear height, bow truss ceilings, and a dedicated parking lot. Located on Sycamore Avenue between Santa Monica Boulevard and Romaine Street, the area now known as the Sycamore District is home to several media and entertainment businesses, specialty retail, and restaurants such as SiriusXM, RocNation, Just One Eye, Jeffrey Deitch, Tartine, Gigi’s, and Sightglass.
The emerging Sycamore District blends the adaptive reuse of existing architecturally distinct buildings, like 1037 N. Sycamore, with new construction that has brought apartments, creative office, and specialty retail space to the area. Adding to the neighborhood’s appeal is its position within the southern portion of historic Hollywood, adjacent to West Hollywood and central to the greater Los Angeles metropolitan area.
“Lisson Gallery’s decision to debut in Los Angeles in the Sycamore District is a testament to the desirability of the repositioned industrial architecture that is well-suited to the arts, as well as this vital, emerging neighborhood. We believe Sycamore is the newest Los Angeles destination for media, art, and culture, that is equally attractive to businesses and residents as it offers a walkable urban environment with a commitment to world class design and architecture,” said Shaul Kuba, Director and Board Member, CMCT and Co-Founder and Principal, CIM Group.
CMCT acquired 1037 N. Sycamore in July 2021 in an off-market transaction and has overseen renovations of the facilities which are anticipated to be completed later this year.
About CMCT
CMCT is a real estate investment trust that primarily owns and operates Class A and creative office real assets in vibrant and improving metropolitan communities throughout the United States. CMCT, supported by the broad real estate capabilities of CIM Group, primarily seeks to focus on the acquisition, ownership, operation and development of creative office and multifamily real assets in vibrant and emerging communities. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (www.cimcommercial.com).
About Lisson Gallery
Lisson Gallery is one of the most influential and longest-running international contemporary art galleries in the world. Today the gallery supports and promotes the work of more than 60 international artists across two spaces in London, three in New York City and East Hampton, and one in Shanghai, as well as the newest location in Los Angeles, opening in Autumn 2022. Established in 1967 by Nicholas Logsdail, Lisson Gallery pioneered the early careers of important Minimal and Conceptual artists, such as Art & Language, Carl Andre, Daniel Buren, Donald Judd, John Latham, Sol LeWitt, Richard Long and Robert Ryman among many others. It still works with many of these artists as well as others of that generation from Carmen Herrera to the renowned estates of Leon Polk Smith, Ted Stamm and Roy Colmer.
In its second decade the gallery introduced significant British sculptors to the public for the first time, including Tony Cragg, Richard Deacon, Anish Kapoor, Shirazeh Houshiary and Julian Opie. Since 2000, the gallery has gone on to represent many more leading international artists such as Marina Abramović, Ai Weiwei, John Akomfrah, Susan Hiller, Tatsuo Miyajima and Sean Scully. It is also responsible for raising the international profile of a younger generation of artists led by Hugh Hayden, Van Hanos, Cheyney Thompson, Cory Arcangel, Ryan Gander, Haroon Mirza, Laure Prouvost, Pedro Reyes and Wael Shawky.
About SYCAMORE
SYCAMORE is an evolving neighborhood where creative entrepreneurs have come together to establish passionate ventures in music, art, design, wellness, and food. Located in the heart of Los Angeles, east of La Brea Avenue and south of Santa Monica Boulevard within Hollywood’s historic Media District, SYCAMORE has flourished into a thriving urban locale that is best explored on foot. It is home to leading media and entertainment companies including SiriusXM, Roc Nation, Showtime, Ticketmaster/Live Nation, Oprah Winfrey Network, and Hyperobject Industries. SYCAMORE is also a lifestyle destination featuring unique offerings and experiences. Discover innovative new artists at local galleries such as Jeffrey Deitch, LAXART, Regen Projects, and Various Small Fires. Browse stylish curated goods at Just One Eye, RetroSpecs & Co., SUPERVINYL, and more. Stimulate your physical senses at Pause Wellness Studio, Burke Williams, and PLATEFIT. Indulge your culinary tastes at Tartine, Sightglass, Mizlala, and Gigi’s. Watch the SYCAMORE story evolve and stay tuned for more unique projects opening through 2022 by following @sycamoredistrict.
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which are intended to be covered by the safe harbors created thereby. Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the scope, severity and duration of the current pandemic of COVID-19, and actions taken to contain the pandemic or mitigate its impact, and the winding-down of or termination of governmental assistance programs implemented to address the pandemic, (ii) the adverse effect of COVID-19 on the financial condition, results of operations, cash flows and performance of CMCT and its tenants and business partners, the real estate market and the global economy and financial markets, among others, (iii) the timing, form, and operational effects of CMCT’s development activities, (iv) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (v) fluctuations in market rents, including as a result of COVID-19, and (vi) general economic, market and other conditions. Additional important factors that could cause CMCT’s actual results to differ materially from CMCT’s expectations are discussed under the section “Risk Factors” in CMCT’s Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements included herein are based on current expectations and there can be no assurance that these expectations will be attained. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond CMCT’s control. Although CMCT believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by CMCT or any other person that CMCT’s objectives and plans will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made. CMCT does not undertake to update them to reflect changes that occur after the date they are made, except as may be required by applicable law.
What is the significance of CMCT's lease with Lisson Gallery?
The lease signifies CMCT's strategy to attract reputable tenants to its properties, enhancing the value and appeal of its real estate portfolio.
When will Lisson Gallery open its new location in Los Angeles?
Lisson Gallery is anticipated to open its new location in Autumn 2022.
What is the location of CMCT's new lease with Lisson Gallery?
The lease is for a building located at 1037 N. Sycamore Ave, Los Angeles.
What type of building has CMCT leased to Lisson Gallery?
CMCT has leased a standalone two-story industrial building featuring 25-foot clear height and bow truss ceilings.
How does Lisson Gallery's presence impact the Sycamore District?
Lisson Gallery's presence is expected to enhance the Sycamore District's appeal as a destination for art and culture, increasing foot traffic and business opportunities.
