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CIM Group, partner invest in 435M-shekel San Francisco office building

A partnership between real estate investment firm CIM Group Inc. and Israel-based Harel Insurance is co-investing in a 435 million-Israeli-shekel office building in San Francisco, Reuters reported.

Harel, which has a 40% stake in the partnership, is committing an equity investment of 90 million shekels.

According to the report, the 11-story asset is under a long-term lease to a technology tenant.

As of Feb. 20, US$1 was equivalent to 3.50 new Israeli shekels.