The Hertz Corp. will relocate its global headquarters from Park Ridge, NJ, to Estero, FL, near Bonita Springs and Fort Myers.
Hertz's decision comes in the wake of the completion in November of the acquisition of the Tulsa, OK-based Dollar Thrifty Automotive Group. Consolidating all corporate offices to one location will allow for increased efficiencies and cost synergies across the company, Hertz said in a statement.
Hertz fully occupies a company owned 226,000-square-foot headquarters building at 225 Brae Blvd. in Park Ridge, NJ, built in 1988, according to CoStar information.
New Jersey has been Hertz's corporate headquarters since 1988, "and would have been for countless more if not for our acquisition of Dollar," said Hertz Chairman and Chief Executive Officer Mark P. Frissora.
"In no way should this decision be perceived as a slight to our partners in New Jersey and Oklahoma," Frissora said. "In particular, over the last several years, we have seen significant improvement in New Jersey's business climate and our decision should not be interpreted as a reflection of our views about doing business in the Garden State."
Up to 700 jobs will be relocated to Florida over a two-year period starting this year, the company said. More than 2,000 Hertz and Dollar Thrifty personnel will remain in New Jersey, including about 150 employees who currently work in Park Ridge.
The new $50 million headquarters is scheduled to be completed in early 2015, and Hertz officials are reportedly looking at several sites in the Estero market for temporary quarters.
Hertz operates through the Hertz, Dollar and Thrifty brands from about 10,400 corporate, licensee and franchisee locations around the world. It's the world’s largest airport general use car rental brand, operating from about 8,800 corporate and licensee locations in 150 countries.