Hertz Gains $42M Loan for Office Building
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CINCINNATI- Hertz Investment Group LLC , based in Los Angeles, recently gained a $42 million refinance loan for The Center at 600 Vine here. The 625,765-square-foot office building was formerly known as Convergys Center.
HFF arranged the 36-month, adjustable-rate loan through US Bank. Hertz bought the building in 2006 for $36 million from Prudential Life Insurance Co., and completed a $9 million renovation. The proceeds are replacing a maturing loan and providing for tenant improvements, leasing commissions and building capital costs for the 27-year-old building, according to an HFF statement.
The building is 68% leased, and includes tenants such as FirstGroup America, Scottrade, Protective Life Insurance Co. and Legg Mason. Mark Wintner with HFF represented the borrower in the loan transaction.
CHICAGO-Momentum Worldwide, a global marketing agency, has renewed its lease and expanded to 23,203 square feet at 444 N. Michigan Ave. downtown. The new lease includes an expansion of 8,276 square feet. Lenora Adds, a leasing director with Cushman & Wakefield of Illinois Inc ., represented the landlord, GLL Properties , in the renewal and expansion. Robert Romano, Brian Chernett and Jock Howland with Jones Lang LaSalle represented the tenant. The tower is a 36-story, 516,797-square-foot office building located at the juncture of the Magnificent Mile and the Chicago River.
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The tenant was represented by David Justh and Gary Fazzio with CB Richard Ellis. With the move, the three-building, 555500-square-foot complex is now more than 85% leased. ITASCA, IL-Millenia Metals LLC completed a consolidation of its Addison and
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