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New Orleans
October 3, 2003
The Hertz Investment Group today announced it has
purchased the Dominion Tower and New Orleans Centre in New Orleans’
central business district. The property, located at 1450 Poydras Street,
includes the 485,000 square foot Dominion Tower office building, the 555,000
square foot New Orleans Centre shopping mall, and the 2,000 space New Orleans
Centre Garage. The 26-story office and retail property, built in 1989, was
purchased for $36 million from Simon Property Group.
The Dominion Tower is located adjacent to The Louisiana Superdome and The
New Orleans Arena, two premier sports and entertainment facilities that
attract millions of visitors each year. The recently purchased Hertz property
is also physically connected to the 1,200-room Hyatt Hotel.
“Given the proximity of this property to some of New Orleans’
most popular attractions, we think the Dominion Tower holds tremendous opportunity,”
said Judah Hertz, founder and chairman of The Hertz Investment Group. “We
are excited to be expanding our presence in New Orleans and are committed
to the local effort to attract more business to the area to the benefit
of everyone here.”
This is the second significant commercial acquisition in downtown New Orleans
for Hertz in less than a year. In December 2002, Hertz purchased the 453,000
square foot Poydras Center office building. Hertz also manages the property,
which has increased from 80 percent to more than 90 percent occupancy since
acquiring the building. The Dominion Tower purchase brings Hertz’s
commercial holdings in New Orleans to 1.5 million square feet.
The Hertz Investment Group
Founded in 1979, The Hertz Investment Group is a fully-integrated national
real estate investment company specializing in the acquisition, marketing
and management of exceptional properties with a special emphasis on downtown
revitalization. Hertz has acquired and managed a diverse collection of more
than 100 premier properties throughout the country, encompassing 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.
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