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Article: Judah Hertz Group eyeing Downtown office tower. (Up Front).(real estate investor wants to buy City National Corp. office building)(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- July 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Judah Hertz, one of the biggest individual investors in downtown real estate, has his sights set on the City National Bank headquarters at 606 S. Olive St.
"We're looking at buying it," said Kit Marchel, president of Hertz Investment Group, who said talks with owner City National Buckeye began about a month ago. With the Hertz-owned Oviatt Building across the street, "it makes great sense for us -- we can create economies of scale," said Marchel.
There are no guarantees City National will sell, however.
The bank, which stepped into the market with a 240,000 square foot requirement last summer, has since reduced its needs to between 150,000 and ...