Office · Los Angeles Downtown
Two California Plaza (350 S Grand)
350 South Grand Avenue, Los Angeles Downtown · Built 1966 · 52 floors
Partial
Current value
$360.0M
▼ 8.9% 1-yr (modeled)
Cap rate
6.30%
▲ 60 bps vs 5.70% submarket
NOI · derived
$22.7M
Value $/SF
$271
sourcedmodeled0 of 6 sourced
Ownership & debt
Ownership graph
Asset → owner → parent → beneficial owner · every edge sourcedOwnership transparency
Recorded chainRecorded owners
CIM Group
Fee simple
Ultimate beneficial owner — as recorded
CIM Group, LLC
Beneficial interest
CIM Group (privately held real estate investment manager)
Beneficial interest
Debt
No publicly recorded debt
Debt appears here only when a recorded mortgage, deed of trust or securitization filing names this asset — nothing is inferred from ownership or market norms.
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.
Tenants & leasing
City National Bank (longtime largest tenant; former building naming-rights tenant 'City National 2CAL' — signage being replaced by SoCalGas in 2024 deal, City National remains a tenant)Southern California Gas Company (SoCalGas) - 198,553 SF lease signed 2024 with new naming/signage rights
Per-tenant lease detail arrives with disclosed stacking plans.
Underwriting
Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
8.8%
Exit cap
6.55%
Exit value
$401.8M
Exit NOI
$26.3M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
| Exit Δ | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |
|---|---|---|---|---|---|
| -25 bps | 9.2% | 9.7% | 10.3% | 10.8% | 11.3% |
| 0 bps | 8.4% | 9.0% | 9.5% | 10.0% | 10.6% |
| +25 bps | 7.8% | 8.3% | 8.8% | 9.3% | 9.9% |
| +50 bps | 7.1% | 7.6% | 8.1% | 8.7% | 9.2% |
| +75 bps | 6.5% | 7.0% | 7.5% | 8.0% | 8.5% |
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.
Provenance footnotes
- Current value: Estimated — no sourced claim on file.
- Cap rate: Estimated — no sourced claim on file.
- NOI: Estimated — no sourced claim on file.
- $/SF: Estimated — no sourced claim on file.
- GLA: Estimated — no sourced claim on file.
- Ownership — CIM Group: Single source — cimgroup.com · https://www.cimgroup.com/press-releases/cim-group-signs-southern-california-gas-company-to-198-553-square-foot-lease-at-city-national-2cal
- Tenant — City National Bank (longtime largest tenant; former building naming-rights tenant 'City National 2CAL' — signage being replaced by SoCalGas in 2024 deal, City National remains a tenant): Single source — costar.com · https://www.costar.com/article/2138564795/cim-group-leveraged-naming-rights-to-sign-socalgas-at-dtla-office-tower
- Tenant — Southern California Gas Company (SoCalGas) - 198,553 SF lease signed 2024 with new naming/signage rights: Single source — cimgroup.com · https://www.cimgroup.com/press-releases/cim-group-signs-southern-california-gas-company-to-198-553-square-foot-lease-at-city-national-2cal
Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.
Anchoring begins when the asset enters the live ledger.