Hertz Properties Group, an entity controlled by one of the biggest owners of downtown office properties, is raising concerns over its survival, tapping a chief restructuring officer to oversee a financial reorganization.
Hertz said in a regulatory filing it has “significant doubts regarding the continued existence of the company,” CoStar News reports. Hertz Properties is a part of the Hertz Investment Group that is the 25th largest owner of U.S. CBD office properties, according to CoStar data.
Hertz Properties used about $200M in bonds issued on Israel`s Tel Aviv Stock Exchange to finance 11 U.S. office properties. Those bonds are only partially repaid, and bondholders are set to meet over the next two weeks to discuss their redemption.
The company also detailed financial reporting irregularities in the filing...
RSK: One of many of the big office players in a bit of trouble. The shakeout is coming according to him.
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- - Volume: 24 - WEEK: 37 Date: 9/12/2024 9:46:48 AM -