LOS ANGELES — 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.
