On February10, 2017, CIM Urban REIT 211 Main St. (SF), LP (the Seller), an indirect, wholly-owned subsidiary of CIM Commercial Trust Corporation (the Company), and BPP 211 Main Owner LLC (the Buyer), a Delaware limited liability company, entered into a Purchase and Sale Agreement (the Agreement) pursuant to which the Buyer agreed to purchase from the Seller an office building located at 211 Main Street in San Francisco, California.
The contract sales price is approximately $293 million, subject to adjustment in accordance with the terms of the Agreement. On February15, pursuant to the terms of the Agreement, the Buyer deposited $15 million into an escrow account, which deposit is non-refundable except in certain circumstances as specified in the Agreement.
The sale is subject to customary closing conditions. The Company expects the closing of this sale to occur within the first quarter of 2017.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CIM COMMERCIAL TRUST CORPORATION
/s/ David Thompson
David Thompson, Chief Financial Officer
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