The 16-story Jewelry Center, at 550 S. Hill St., was built in1981 and is home to more than 300 jewelry-business tenants fromaround the world, including retailers, manufacturers andwholesalers. It is specifically designed to accommodatejewelry-business tenants, with high-security parking and specialon-site tools that jewelers use in their trade.

The Jewelry Center building is part of a Los Angeles jewelrydistrict that is the second largest assemblage of jewelers in theworld, supporting more than 5,000 wholesale and retail jewelers in30 or more buildings, according to a USC engineering school study.The district extends from Fifth Street to Eighth Street onBroadway, Olive and Hill streets and accounts for revenues of about$2.5 billion a year.

Hertz Investment was represented by Carl Muhlstein of theDowntown Los Angeles office of Cushman & Wakefield, with theMoinian Group represented by David Hasbrouck, also of Cushman &Wakefield in Downtown L.A. Hertz had owned the property since1996.

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