{"id":1004120852,"date":"2015-06-09T06:01:52","date_gmt":"2015-06-09T14:01:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004120852"},"modified":"2022-12-08T17:23:09","modified_gmt":"2022-12-09T01:23:09","slug":"hertz-makes-history","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hertz-makes-history\/","title":{"rendered":"Hertz Makes History"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Jim<\/a>

Jim Ingram, Hertz Investment Group<\/p><\/div>\n

Hertz Investment Group has acquired a portfolio of six Class A office buildings in the Southeast totaling more than 3-million square feet from Equity Commonwealth for $417.45 million.<\/p>\n

The properties will expand Hertz\u2019s holdings in the New Orleans market and serve as the company\u2019s entry into three new cities: Birmingham, Ala.; Columbia, S.C.; and Greensboro, N.C.<\/p>\n

\u201cWe focus on small- to medium-size cities; we\u2019re not interested in D.C., Chicago, New York, we\u2019re interested in what some would consider tertiary markets,\u201d Jim Ingram, Hertz Investment Group\u2019s executive vice president & CIO, told Commercial Property Executive<\/em>. \u201cThis portfolio gave us the opportunity to buy truly best-in-class assets in these four market places.\u201d<\/p>\n

One of the properties purchased was One Shell Square, a 1.3 million-square-foot, 51-story tower in the New Orleans Central Business District. Shell Oil just renewed its 650,000-square-foot lease in the building and Hertz is planning $13 million in building improvements as part of the lease.<\/p>\n

\u201cWe were already the largest owner of office properties in New Orleans, so when you add in the 1.2 million One Shell Square, you\u2019re still the largest owner but now you\u2019ve added one of the best buildings in the marketplace,\u201d Ingram added. \u201cIt\u2019s not the newest, but it\u2019s the most recognized in the New Orleans CBD; it\u2019s the only 50-story tower.\u201d<\/p>\n

Also included in the deal were Inverness Central, a four-building complex with 475,895 square feet, located in suburban Birmingham; the Wells Fargo Tower, a 30-story tower with 514,893 square feet in Birmingham\u2019s CBD; Meridian, a 17-story tower with 334,075 square feet in Columbia; 300 N. Greene St., a 21-story tower with 324,075 square feet in Greensboro; and 20th Place South, a four-story office building with 125,722 square feet, situated in suburban Birmingham.<\/p>\n

As for renovations in these buildings, Hertz has $2.2 million slated for Wells Fargo Tower, $500,000 for work on 300 N. Greene and $1 million for work on Inverness Central.<\/p>\n

It\u2019s been a busy 12 months for Hertz. Last July it acquired the Bank of America Tower<\/a> in Jacksonville for $88 million and it also added Fifth Third Center, a 508,397-square-foot tower in Cleveland; Chestnut Place, a 218,621-square-foot building in Worchester, Mass.; and South Point Business Park, a 395,920-square-foot property built as headquarters for Worldcom, in the Jackson, Miss. market.<\/p>\n

\u201cWe\u2019ll keep doing what you\u2019ve seen us do. I think anyone who owns a best-in-class building in a small CBD across the country is going to say, \u2018Why not call Hertz\u2019 if they are a seller,\u201d Ingram concluded. \u201cThis shows the world not only that we can buy individual properties but we can take half-a-million-dollar portfolios, as well.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Hertz Investment Group was not penny pinching with this latest purchase in the Southeast.<\/p>\n","protected":false},"author":451,"featured_media":1004120855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[],"class_list":["post-1004120852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"\nHertz Makes History - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hertz-makes-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hertz Makes History\" \/>\n<meta property=\"og:description\" content=\"Hertz Investment Group was not penny pinching with this latest purchase in the Southeast.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hertz-makes-history\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-09T14:01:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:23:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Jim-Ingram.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"312\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-makes-history\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-makes-history\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Hertz Makes History\",\"datePublished\":\"2015-06-09T14:01:52+00:00\",\"dateModified\":\"2022-12-09T01:23:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-makes-history\\\/\"},\"wordCount\":457,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-makes-history\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Jim-Ingram.jpg\",\"articleSection\":[\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-makes-history\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-makes-history\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-makes-history\\\/\",\"name\":\"Hertz Makes History - 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