SANTA MONICA, CA (PRWEB) April 10, 2013
Hertz Investment Group confirmed today it has completed the acquisition of the Bridgewater Place office building in Grand Rapids, Michigan.
Bridgewater Place consists of 353,252 square feet and includes a 17-story office building and a seven level concrete parking facility with 1,368 parking stalls on 3.20 acres of land. The complex was built in 1993 and is located at 333 Bridge Street in Grand Rapids, on the west side of the Grand River – immediately to the east of US 131 and to the south of I-96.
Said Gary Horwitz, President of Hertz Investment Group: “Bridgewater Place is one of the most desirable and recognizable office buildings in central hub of a vibrant city – Grand Rapids. We were drawn to the building because of its distinctive design and its remarkable tenancies which include some of the area’s most highly regarded legal, financial, insurance and accounting professionals. ”
Spectrum Health, one of the largest employers in the city of Grand Rapids and regularly showcased by U.S. News & World Report among the nation’s best health-care providers, is headquartered in Bridgewater Place. The 125-year-old Varnum law firm, one of the largest in Michigan, is also headquartered in the building.
The building has a unique design, featuring the largest floor plates in the market – ideal for accommodating long term corporate users needing spaces of up to 30,000 square feet on a single floor and who may require a “signature” central business-district location. Bridgewater Place also features a large professional atrium, a fitness center, a secure seven-level parking deck and views of the Grand River.
Said Judah Hertz, CEO of Hertz Investment Group: “This is our first entry into the commercial real estate market in Grand Rapids, which has always been the cultural hub for West Michigan. We have chosen this resurgent city because of its well thought-out regional plan and the unique way the public and private leaders have come together to revitalize the central core.”
The $30-million Downtown Market, a new state-of-the-art center for fresh local foods and culinary arts, is just blocks away and across the river from Bridgewater Place and is expected to bring 500,000 visitors annually to the downtown region. Just above the new Downtown Market, and even closer to Bridgewater Place, is the city’s revitalized Medical Mile which has itself recently attracted $3 billion in new investment and has become a major international and regional hub for medical services, education and world-class research in the life sciences.
About The Hertz Investment Group
The Hertz Investment Group specializes in the acquisition, marketing and management of exceptional real estate properties with a special emphasis on downtown revitalization. The company, which is privately held, currently owns and manages more than 45 major urban properties, representing in excess of 12 million square feet of office space in the central business districts of 14 U.S. cities across ten states. Since its founding by Judah Hertz in 1977, the Hertz Investment Group has successfully acquired and managed a diverse collection of more than 100 premier properties throughout the United States, including prominent high-rise office buildings; international market centers for fashion and jewelry; historically significant landmark properties; luxury hotels; high profile theaters and society clubs; large retail centers; and multi-family residential properties. For more information, visit us at http://www.hertzgroup.com on the Web.