Report: Bridgewater Place owner files for bankruptcy

GRAND RAPIDS, Mich. (WOOD) — The owner of Bridgewater Place in downtown Grand Rapids has filed for bankruptcy, Crain’s Grand Rapids Business reports.

Crain’s reports that Hertz Properties Group, the owner of Bridgewater Place, has asked for bankruptcy protection in Israeli Court.

Bridgewater Place is located at 333 Bridge Street along US-131. The 17-story building has the name “Varnum” on it and it is connected to River House Condos.

Hertz Properties Group used bonds traded on the Tel Aviv Stock Exchange to finance the purchase of Bridgewater and 10 other office properties located throughout the U.S., according to Crain’s. It reports that as the company deals with financial issues spurred by a post-pandemic drop in the real estate market, the bondholders are seeking repayment.

Hertz Properties Group acquired the property in 2013, according to its website . The 17-story building has a total of 353,000 square footage, along with 1,368 parking spaces in its parking deck.

News 8 reached out to Hertz Properties Group and did not hear back.

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