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N.Y. real estate firm buys L.A. Jewelry Center

April 04, 2007

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Los Angeles—New York-based real estate firm Moinian Group has purchased the 400,000-square-foot International Jewelry Center in downtown Los Angeles, reports commercial real estate Web site GlobeSt.com.

The site reports that Moinian Group bought the property, located at 550 S. Hill St., from Hertz Investment Group for $144 million.

Built in 1981, the 16-story Jewelry Center houses more than 300 global jewelry-industry tenants, including retailers, manufacturers and wholesalers. The site features high-security parking and special on-site jewelry tools, GlobeSt. reports.

The Jewelry Center structure represents part of a Los Angeles jewelry district that comprises almost 5,000 wholesale and retail jewelers and employs more than 14,000 people, according to the Los Angeles Convention Center. The district extends from Fifth Street to Eighth Street on Broadway, Olive Street and Hill Street.

The purchase represents the Moinian Group's third downtown Los Angeles property, including a site near the Staples Center earmarked for a $700 million development, according to GlobeSt.com.
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