Jun
09

17-Story Office Tower in Columbia Sold

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meridian-buildingA California-based investment firm has bought the Meridian, a 17-story office tower on Columbia’s Main Street.

The 334,075-square-foot tower is one of six Class A office buildings that Hertz Investment Group, headquartered in Santa Monica, Calif., acquired from Newton, Mass.-based Equity Commonwealth, for $417.5 million.

Three of the properties are in Birmingham, Ala., and the other two buildings are in New Orleans, La., and Greensboro, N.C. Purchase prices of the individual properties were not announced.

“This portfolio of properties represents a significant opportunity for a number of reasons, including an acquisition price to acquire Best in Class assets significantly lower than Class A construction costs,” said Judah Hertz, chairman of the Hertz group. “The properties were acquired from a public REIT that decided to exit the region, which allowed us to enter vibrant, key cities in the Southeast and own properties with a diverse tenant mix.”

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