News Brief

The New York-based Moinian Group announced last week that it has acquired the International Jewelry Center for $144 million. The 16-story, 370,000-square-foot structure at 550 S. Hill St. in the Jewelry District is 100% occupied with more than 370 jewelry dealers and businesses. The center was built in 1981. Carl Muhlstein of Cushman & Wakefield represented the building's seller, the Hertz Investment Group, while David Hasbrouck, Richard Plummer, John Eichler and Andrew Harper, also of Cushman & Wakefield, represented Moinian in what is thus far the biggest transaction of the year for Downtown. The Moinian Group last year announced plans to build two large residential towers at 11th and Figueroa streets, as well as to develop a lot at 808 S. Olive St.

page 2, 4/9/2007

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