Hertz Sells Banco Building
Hertz Investment Group, owner of the California Market Center, which houses the California Mart, has sold one its landmark holdings in downtown Los Angeles to rival real estate firm Jamison Properties.
Jamison, a property management firm that operates Class A buildings in Los Angeles’ mid-Wilshire/Koreatown section, acquired Hertz’s Banco Popular building at 354 S. Spring St. for an undisclosed sum.
The building, completed in 1903, was formerly known as the Herman W. Hellman Building and is a historic landmark noted for its massive dome made entirely of stained glass. Hellman was one of the founders of the Farmers & Merchants Bank, which was a predecessor to Bank of America.
Currently, the building houses the Los Angeles Community Redevelopment Agency as well as Banco Popular, a Puerto Rico-based financial firm and one of the largest Latino-owned banks in North America.
Jamison principal David Lee said the company will maintain the building as office space. —Robert McAllister
