Hertz Pays $417M For Midwest Portfolio

Hertz Investment Group of Santa Monica, CA acquired four office buildings in the Midwest, paying seller Equity Commonwealth $416.7 million for the 3.1-million-square-foot portfolio. The buildings included 111 Monument Circle and 101-115 W. Washington St. in Indianapolis; North Point Office Complex in Cleveland; and 100 E. Wisconsin in Milwaukee. The portfolio was 86.5% occupied at closing.

In recent weeks, Equity Commonwealth, headquartered in Chicago, has also sold a 121,901-square-foot office building at 8701 N. Mopac in Austin, TX for $21.5 million. The company has sold $1.1 billion in assets so far this year.

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