Judah Hertz

Judah Hertz
Born1948 or 1949[1]
Brooklyn, New York City, U.S.
Died (aged 72)
Los Angeles, California, U.S.
OccupationReal estate investor
Known forHertz Investment Group
SpouseAstrid Hertz

Judah Hertz (1948 or 1949 - February 4, 2021) was an American real estate investor and philanthropist. He was the founder of the Hertz Investment Group and owned many office buildings in Downtown Los Angeles, the New Orleans Central Business District and other cities across the Southern United States.

Early life

Judah Hertz was born circa 1948/1949 in Brooklyn, New York City.[1][2]

The Hyatt Regency in New Orleans two weeks after Hurricane Katrina, with broken windows.

Career

Hertz founded the Hertz Investment Group, a real estate investment company based in Santa Monica, California, in 1979.[3] The company includes a subsidiary, Sapphire Gaming, which invests in casinos.[4]

Hertz acquired the California Mart, also known as the California Market Center, in Downtown Los Angeles in 2000,[4] only to sell the building complex to investor David Lee for US$135 million in 2004-2005.[5][6] By 2000, Hertz was the owner of "about 3 million square feet of office space" in Downtown Los Angeles.[4]

Hertz acquired the Comstock Hotel & Casino in Reno, Nevada in 1999, but sold it by 2000.[4] However, by 2000, he was denied a license in Nevada by the Nevada Gaming Commission, then chaired by Brian Sandoval.[4] Hertz denied any wrongdoing.[4]

Four weeks before Hurricane Katrina in 2005, Hertz acquired several buildings in the Central Business District of New Orleans, Louisiana, including the Hyatt Regency, the Dominion Tower, the New Orleans Centre, and One Shell Square.[1][7] He also acquired the Poydras Center, the Louisiana Land and Exploration Company Building, the Texaco Center on Poydras Street.[7] In total, he spent US$200 million.[8] Hertz weathered the hurricane thanks to his insurance.[9] By 2006, Hertz was in disagreement with Laurence S. Geller, the chief executive officer of the Strategic Hotels & Resorts, over the ownership of the Hyatt Regency.[7]

Hertz subsequently acquired buildings in Downtown Memphis.[10] In 2007, he began acquiring buildings in Jackson, Mississippi, including the "Pinnacle, One Jackson Place, 111 East Capitol, Regions Plaza and Regions Bank Building."[11] By 2015, Hertz returned to investing in New Orleans real estate and acquired One Shell Square.[12] He also acquired office buildings in Birmingham, Alabama, Columbia, South Carolina and Greensboro, North Carolina.[12][13] Hertz spent US$417 million on the buildings in the four cities.[12] That same year, he acquired City Centre, another high-rise building in Jackson, Mississippi, from Parkway Properties.[11]

Philanthropy

Hertz has held an annual fundraiser for the Ahmanson/UCLA Adult Congenital Heart Disease Center at UCLA since 1997.[14][15] For example, it raised US$155,000 in 2003.[14]

Hertz served on the World Chairman's Council of the Jewish National Fund, which means he has donated US$1 million or more to the JNF.[16]

Personal life

Hertz had a wife, Astrid.[17] Their wedding was held in Bel Air, Los Angeles in 2013.[18] He died on February 4, 2021, in Los Angeles, California.

References

  1. ^ a b c Moran, Kate (March 15, 2009). "As real estate prices plunge across the country, investor Judah Hertz says he's happy in low-key New Orleans". The Times-Picayune. Archived from the original on May 13, 2016. Retrieved May 10, 2016. Hertz, 60, gravitates toward stable...
  2. ^ Webber Sadovi, Maura (January 18, 2012). "Small Cities Lure Investor". The Wall Street Journal. Retrieved May 2, 2016.
  3. ^ "Company Overview of Hertz Investment Group LLC: Judah Hertz". Bloomberg. Retrieved May 2, 2016.
  4. ^ a b c d e f "Nevada Denies L.A. Developer Gaming License". The Los Angeles Times. December 21, 2000. Retrieved May 2, 2016.
  5. ^ Vincent, Roger (November 12, 2004). "Major L.A. Landlord Buying California Market Center". The Los Angeles Times. Retrieved May 11, 2016.
  6. ^ Vincent, Roger (April 30, 2005). "California Market Purchase Is Completed". The Los Angeles Times. Retrieved May 11, 2016.
  7. ^ a b c Pristin, Terry (September 27, 2006). "A New Orleans Project Is Missing Some Pieces". The New York Times. Retrieved May 10, 2016.
  8. ^ "Very few takers for loans to rebuild New Orleans". The New York Times. March 6, 2006. Retrieved May 10, 2016.
  9. ^ Fitch, Stephanie (October 3, 2005). "The Katrina Effect: Inbound Traffic". Forbes. Archived from the original on November 5, 2012. Retrieved May 10, 2016.
  10. ^ Wei, Lingling (June 18, 2008). "Guarantee Gamble: Developers Dread Return of Recourse". The Wall Street Journal. Retrieved May 2, 2016.
  11. ^ a b Chandler, Clay (October 1, 2015). "Hertz Investment Group buys City Centre from Parkway". The Clarion-Ledger. Retrieved May 10, 2016.
  12. ^ a b c Lipsinski, Jed. "One Shell Square sold to Hertz Investment Group". The Times-Picayune. Retrieved May 10, 2016.
  13. ^ Carter, Ted (June 11, 2015). "Hertz group makes largest acquisition in firm's history". Mississippi Business Journal. Retrieved May 11, 2016.
  14. ^ a b Champeau, Rachel (May 12, 2003). "Event Raises Funds for the Ahmanson/UCLA Adult Congenital Heart Disease Center". UCLA Newsroom. Retrieved May 10, 2016.
  15. ^ "Ways To Give. Hertz Annual Fundraiser". UCLA. Retrieved May 10, 2016.
  16. ^ "World's Chairman Council" (PDF). Jewish National Fund. Archived from the original (PDF) on 2015-09-12. Retrieved 2016-05-11.
  17. ^ Hackett, Kathleen (October 12, 2014). "House Tour: A Malibu Home Steeped in Worldly Charm". Elle Decor. Retrieved May 10, 2016.
  18. ^ Kisker, Jacquelyn (October 17, 2013). "Timeless Fall Estate Wedding in Bel Air, California: Astrid & Judah Hertz". Inside Weddings. Retrieved May 10, 2016.