Hertz Group Buys Historic Building

Hertz Group, a Los Angeles investment company headed by Judah Hertz, has purchased one of the oldest buildings in Los Angeles’ former financial district--Popular Center at the corner of 4th and Spring streets. Hertz paid Banco Popular de Puerto Rico $4.5 million for the nine-story building constructed in 1903. The structure is 80% occupied and contains the Community Redevelopment Agency and a branch of Puerto Rico’s Banco Popular, said Tom Gilmore, Hertz Group president. The building was rehabilitated by the bank in 1992 and no major renovations are planned. Betting on a full recovery downtown, Hertz has purchased several older buildings in the last few years.