For years International Jewelry center has been the most prestigious jewelers building in downtown Los Angeles and with its almost 400,000 sq. foot of space was sold over year ago for nearly 144 million dollar which was purchased by the Moinian group of NY in partnership with 2 other investors in Los Angeles.

 Hertz Investment purchased the building (known as the "550 Building" based on its address 550 South Hill St.) in 1996 for $24.5 million when the building was 60 percent occupied, real estate investor Judah Hertz, who heads his namesake Los Angeles-based company, told the newspaper. The sale closed March 15.

 The sale of the 400,000-square-foot, 16-story building breaks down to about $360 per foot. The building, which fronts Pershing Square in the L.A. Jewelry District, is now 100 percent occupied with more than 300 jewelry business tenants, the newspaper reports.

The building is considered to be the only downtown jewelry mart built specifically for the jewelry business; it includes amenities such as natural gas hookups to power blow torches and secure parking for customers, the newspaper reports.

There are nearly 5,000 jewelry businesses downtown, many located on Hill and Olive streets. Other key marts include the Los Angeles Jewelry Mart and the California Jewelry Mart.