The 16-story Jewelry Center, at 550 S. Hill St., was built in 1981 and is home to more than 300 jewelry-business tenants from around the world, including retailers, manufacturers and wholesalers. It is specifically designed to accommodate jewelry-business tenants, with high-security parking and special on-site tools that jewelers use in their trade.

The Jewelry Center building is part of a Los Angeles jewelry district that is the second largest assemblage of jewelers in the world, supporting more than 5,000 wholesale and retail jewelers in 30 or more buildings, according to a USC engineering school study. The district extends from Fifth Street to Eighth Street on Broadway, Olive and Hill streets and accounts for revenues of about $2.5 billion a year.

Hertz Investment was represented by Carl Muhlstein of the Downtown Los Angeles office of Cushman & Wakefield, with the Moinian Group represented by David Hasbrouck, also of Cushman & Wakefield in Downtown L.A. Hertz had owned the property since 1996.

The Moinian Group's other Downtown assets include a 4.6-acre parcel at the corner of 11th and Figueroa streets and a site at 808 S. Olive St. The 4.6-acre parcel, which Moinian acquired last summer for $80 million, is planned as the site of a two-million-sf, $700-million mixed-use development of condominium towers, retail space and a hotel.