Chestnut Place office buildings purchased for $14M
A national real estate investment firm has purchased the office buildings at One and Two Chestnut place in downtown Worcester for $14 million.
The California-based Hertz Investment Group added the combined 222,625 square feet of office space to over 15.2 million square feet of office space it owns in 16 U.S. cities. The buildings are the first New England properties purchased by the company that focuses on small to medium sized markets.
“Hertz Investment Group wanted to enter the New England market if we could secure the right property, and Chestnut Place fits that bill,” Judah Hertz, Chairman of Hertz Investment Group, said in a statement.
One Chestnut Place was constructed in 1990 and is one of four Class A office spaces in downtown Worcester, according to Hertz, with 183,781 square feet of space. It is 98 percent leased, with major tenants including Fallon Health, UBS Financial Services and Sullivan Group insurance.
One Chestnut Place is connected by two levels of underground parking and an outdoor plaza to Two Chestnut Place, which was originally constructed in the 1800s. It has a total of 38,844 square feet of Class B office space and was renovated in the 1980s.
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