Los Angeles Downtown Building Finds New Owner
6 Apr, 2007, Los Angeles, CA
In one of the biggest commercial real estate transactions to close in Los Angeles this year, New York-based The Moinian Group has acquired the International Jewelry Center at 550 S. Hill Street in Downtown Los Angeles for $144 million. Carl Muhlstein from Cushman & Wakefield represented The Hertz Investment Group, the seller, in the transaction. David Hasbrouck, Richard Plummer, John Eichler and Andrew Harper from Cushman & Wakefield represented The Moinian Group.
The 370,000-square-foot, 16-story building is fully occupied and houses around 370 jewelry business tenants. Along with the Los Angeles Jewelry Mart and the California Jewelry Mart, it is one of the premier jewelry centers in Downtown Los Angeles and a leading jewelry center in the United States. It was built specifically for jewelry-related businesses, making it a unique jewelry mart in downtown Los Angeles.
The historic Jewelry District of Los Angeles is one of the leading jewelry business hubs in the U.S. and worldwide. It is home to more than 5,000 jewelry-related businesses, many of which are the world’s leading wholesale jewelers, manufacturers and gemological labs.
“International and domestic investors continue to pursue major properties in all asset classes," says Carl Muhlstein, an executive vice president at Cushman & Wakefield’s Los Angeles Downtown office. “Continued investor interest in actively operating assets, the common business goals of mart tenants and lack of occupancy alternatives make trade marts attractive investments.”
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