CIM Group Brings Serendipity Labs Coworking to CityNational2Cal Building in Downtown Los Angeles

LOS ANGELES–(BUSINESS WIRE)–CIM Group announced today that it has signed a long-term lease with
Serendipity Labs Coworking for 23,000 square feet at CityNational2Cal,
its 1.37 million square foot office building with 44,000 square feet of
retail space in the Bunker Hill District of downtown Los Angeles.
Serendipity Labs Coworking will occupy the entire 18th floor
and also offer an innovation center and outdoor event space on the plaza
level of the 52-story Class-A building located at 350 S. Grand Avenue.
The property is in close proximity to many popular destinations such as
the Music Center with the Walt Disney Concert Hall, The Broad, the
Museum of Contemporary Art, and Grand Park.

“Serendipity Labs offers welcoming, inspiring and trusted work
environments that serve as an extension of the corporate workplace for
individuals and teams of up to 50 people. Our location at this premier
building in the Bunker Hill district will provide a wealth of amenities
for our members and the building with inviting outdoor spaces as well as
spectacular views of the region from the 18th floor windows,”
said John Arenas, Chairman and CEO of Serendipity Labs.

CIM Group tapped its broad experience in developing, operating and
repositioning real estate assets to implement a program of capital and
operational improvements at CityNational2Cal. Adding new features such
as pop out glass entrances at the street and plaza levels that create a
sense of arrival and showcase the sleekly renovated and expanded lobby,
the company has enhanced the appeal of this prominent downtown Los
Angeles office building. The 1.5-acre water court and performance plaza
has been upgraded with colorful new landscaping and comfortable seating
and valet parking has been introduced along Grand Avenue to efficiently
accommodate visitors to the building’s numerous businesses, restaurants
and retailers. Additionally, CIM has brought many new tenants to the
building including City National Bank for 300,000 square feet and the
building’s rebranding.

Slated to open in November 2018, the Serendipity Labs team will create a
full schedule of meetings and events at the CityNational2Cal space
focusing on interests of the Los Angeles community. “This is the second
facility of ten planned locations in Los Angeles, and follows the recent
opening of our 37,000-square-foot Hollywood Lab, adding to our national
network,” noted Arenas.

Serendipity Labs has previously worked with CIM Group in Nashville,
leasing 15,000 square feet at CIM’s L&C Tower as part of its national
network of innovative coworking locations.

About CIM Group

Established in 1994, CIM is a vertically-integrated owner and operator
of real assets for its own account, and on behalf of its partners and
co-investors seeking to invest in urban real assets, net-lease assets,
and other associated credit strategies, with a principal focus on North
America. CIM’s real assets include urban residential, commercial,
retail, hospitality, debt, and infrastructure investments as well as
U.S.-based retail, office, and industrial net-lease. CIM’s broad
expertise includes in-house research, acquisition, investment, credit
analysis, development, finance, leasing and asset management
capabilities. For more information, please visit www.cimgroup.com.

About Serendipity Labs

With 140 locations under development, Serendipity Labs, Inc., will have
thirty-two open Labs in 2018. Membership levels include coworking,
dedicated desks and offices, and team rooms. Private focus rooms for
phone calls and privacy, wellness rooms, a work lounge, Lab Café, and
studios with full A/V are standard. They are ideal venues for business
meetings and offsites, and the recently opened Hollywood location has a
screening room, adjacent editing facilities and commercial grade
kitchen. The IT infrastructure can provide usage metrics and meets
security and compliance standards that include PCI-DSS, HIPAA,
Sarbanes-Oxley and GLBA. Enterprise members come from across all sectors
and 40% are women. Corporate memberships with centralized billing and
contract portability allow for easy reassignment of employee
memberships. Swing space and long-term offices are available. For more
information visit www.serendipitylabs.com.

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