Grauman’s Chinese Theater, the 80-year-old landmark that attracts droves of tourists every year, has been sold to the CIM Group, Hollywood’s largest commercial landlord.
L.A.-based CIM bought the property Thursday for an undisclosed price from the Damon Runyon Cancer Research Center of New York and Barlow Respiratory Hospital of Los Angeles.
Mann Theaters has a long-term lease and will continue to operate Grauman’s as an active movie house.
The 1,612-seat theater, built in 1927 by Sid Grauman, hosts dozens of film premieres every year and is one of Southern California’s biggest tourist attractions, with its courtyard featuring foot and handprints in concrete from generations of movie stars.
CIM was started by Israeli immigrants Kuba and Avi Shemesh with Richard Ressler. The firm specializes in developing and investing in urban centers. It is largely financed by pools of money raised by institutional investors, including the California Public Employees’ Retirement System.