Hertz Sells Oviatt
Hertz Investments, owner of the California Market Center and a number of other Los Angeles properties, has sold the historic Oviatt Building to a Beverly Hills–based investor for a reported $9 million.
The Oviatt, at Sixth and Olive streets, is just west of the Fashion District in downtown Los Angeles. James Oviatt initially used the 12-story building, built in the 1920s, for his men’s apparel and home furnishings retail business. In more recent years, the 96,000- square-foot building has housed offices on the upper floors and upscale restaurant Cicada on the ground floor.
Hertz purchased the building for $1.5 million in 1996. —R.M.
