{"id":1004128001,"date":"2015-09-23T05:54:35","date_gmt":"2015-09-23T13:54:35","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=361729"},"modified":"2022-12-05T13:46:13","modified_gmt":"2022-12-05T21:46:13","slug":"hertz-group-acquired-major-office-tower-in-cleveland","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hertz-group-acquired-major-office-tower-in-cleveland\/","title":{"rendered":"Hertz Group Acquired Major Office Tower in Cleveland"},"content":{"rendered":"

By Adelina Osan, Associate Editor<\/em><\/p>\n

Cleveland-based Forest City Enterprises, Inc.<\/a> recently announced that it has sold a 321,000-square-foot Class A office building to Hertz Acquisition Group<\/a>.<\/p>\n

\"Skylight<\/a><\/p>\n

Skylight Office Tower<\/p>\n<\/div>\n

The Skylight Office Tower was acquired for $35.4 million. The 12-story building is conveniently located in downtown Cleveland and within walking distance from luxury hotels, restaurants and entertainment venues. The transaction is expected to generate net proceeds after commissions and closing costs of approximately\u00a0$34.2 million.<\/p>\n

“We’re pleased to complete this disposition and we remain focused on closing other targeted non-core asset dispositions,” said\u00a0David LaRue, president & chief executive officer of Forest City, in a prepared statement. “As we sell non-core assets, we use proceeds to continue the significant progress to date on improving our balance sheet and debt metrics. Non-core dispositions also focus our portfolio on core products in the strongest urban markets.”<\/p>\n

The Skylight Office Tower was opened in 1991, as part of the Tower City Center mixed-use complex in downtown\u00a0Cleveland, with Forest City as the developer. The real estate company\u2019s portfolio reaches\u00a0$10.3 billion\u00a0in consolidated assets.<\/p>\n

Image courtesy of Hertz Investment Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A 321,000-square-foot Class A office tower in Cleveland was sold for $35.4 million.<\/p>\n","protected":false},"author":735,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[682],"class_list":["post-1004128001","post","type-post","status-publish","format-standard","hentry","category-cleveland","category-latest","tag-news"],"acf":[],"yoast_head":"\nHertz Group Acquired Major Office Tower in Cleveland - 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-group-acquired-major-office-tower-in-cleveland\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hertz Group Acquired Major Office Tower in Cleveland\" \/>\n<meta property=\"og:description\" content=\"A 321,000-square-foot Class A office tower in Cleveland was sold for $35.4 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hertz-group-acquired-major-office-tower-in-cleveland\/\" \/>\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=\"2015-09-23T13:54:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T21:46:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Skylight-Office-Tower.jpg\" \/>\n<meta name=\"author\" content=\"Adelina Osan\" \/>\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-group-acquired-major-office-tower-in-cleveland\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-group-acquired-major-office-tower-in-cleveland\\\/\"},\"author\":{\"name\":\"Adelina Osan\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/423ceee57e2e9ef5e458c68f8a3aa615\"},\"headline\":\"Hertz Group Acquired Major Office Tower in Cleveland\",\"datePublished\":\"2015-09-23T13:54:35+00:00\",\"dateModified\":\"2022-12-05T21:46:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-group-acquired-major-office-tower-in-cleveland\\\/\"},\"wordCount\":193,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-group-acquired-major-office-tower-in-cleveland\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/Skylight-Office-Tower.jpg\",\"keywords\":[\"News\"],\"articleSection\":[\"Cleveland\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-group-acquired-major-office-tower-in-cleveland\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-group-acquired-major-office-tower-in-cleveland\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hertz-group-acquired-major-office-tower-in-cleveland\\\/\",\"name\":\"Hertz Group Acquired Major Office Tower in Cleveland - 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