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 for $144 million.

The Hertz Investment Group sold the property, which is located at 550 S. Hill St. in downtown L.A.

At the time of sale, the 370,000-square-foot, 16-story building was fully occupied and houses around 370 jewelry business tenants. It was built specifically for jewelry-related businesses.

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