Hertz Investment Group Buys Midwest Office Portfolio for $416.9M
CHICAGO — Hertz Investment Group has purchased four office buildings in the Midwest for $416.9 million. Equity Commonwealth sold the 3.1 million-square-foot portfolio.
The transaction includes 111 Monument Circle and 101-115 West Washington Street in Indianapolis, North Point Office Complex in Cleveland, and 100 East Wisconsin in Milwaukee. The portfolio was 86.5 percent leased at closing.
Formerly known as Chase Tower, 111 Monument Circle is now referred to as Salesforce Tower in honor of its newest tenant. At 48 stories high, it is the tallest building in Indianapolis.
The PNC Center sits at 101-115 W. Washington St. It features a 16-story atrium. The center houses the Hyatt Regency Indianapolis hotel, along with PNC Bank.
North Point Office Complex includes a five-story and a 19-story office building connected through a nine-story atrium. It is home to Jones Day law firm, among other tenants.
The Faison Building sits at 100 East Wisconsin Ave. The 37-story tower is the second highest building in Wisconsin, behind the U.S. Bank Center. It’s home to Wells Fargo Bank, Michael Best & Friedrich, Marcus Corp. and PricewaterhouseCoopers.
Equity Commonwealth, a Chicago-based REIT, also sold a 121,901-square-foot office property at 8701 North Mopac in Austin, Texas, earlier this month for $21.5 million. The company has sold 27 properties for a total of 7.2 million square feet valued at $1.1 billion so far this year.
Santa Monica, Calif.-based Hertz Investment Group is a real estate investment firm that specializes in the acquisition, management and marketing of commercial properties throughout the United States.
— Nellie Day