CMCT Signs Long-Term Lease with Internationally Renowned Lisson Gallery for First Los Angeles Location
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 LA — 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.
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, LP, 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.
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 in 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 in will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included, 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.