Hertz Group Acquired Major Office Tower in Cleveland

A 321,000-square-foot Class A office tower in Cleveland was sold for $35.4 million.

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

Skylight Office Tower

Skylight Office Tower

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 $34.2 million.

“We’re pleased to complete this disposition and we remain focused on closing other targeted non-core asset dispositions,” said David 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.”

The Skylight Office Tower was opened in 1991, as part of the Tower City Center mixed-use complex in downtown Cleveland, with Forest City as the developer. The real estate company’s portfolio reaches $10.3 billion in consolidated assets.

Image courtesy of Hertz Investment Group