An empty Title Insurance and Trust building located on Spring Street within the Historic Core will soon be transformed into creative offices. With work already underway, the building will add even more office space in the already popular downtown area.
Renovations of Building Underway
A team of developers led by Rising Realty Partners is investing millions of dollars into turning the empty Title Insurance and Trust building into creative office space. While the price paid to Capital Foresight, who sold the building, has not been made public, the building’s renovations are expected to cost about $40 million. Other members of the development team that are involved in the renovations include Lionstone Investments and Industry Partners.
The changes will include opening up retail space on the ground floor and adding a rooftop restaurant. All of the lead paint and asbestos will also be removed from the building. Once the renovations are complete, the building will hold about 300,000 square feet of office space.
A Changing Space
The renovations of the Title Insurance and Trust building are not the only ones taking place in the Historic Core of downtown. The Cecil Hotel, which has a sordid history that served as inspiration for American Horror Story, is currently in the process of being converted into micro-apartments. Furthermore, the Banco Popular building, which was once home to office space, is being transformed into 188 high-end apartments with a rooftop boasting a swimming pool. Other amenities of the building will include a restaurant, a rec room and a gym.
Bringing the Focus Back to Office Space
With most of the current projects in the Historic Core focusing on residential space, the renovations being made to the Title Insurance and Trust buildings are particularly notable as it marks a return of offices to a portion of Downtown that was once considered the hub of business and finance. Having opened in 1928, the Title Insurance building was situated on a street that was once known as the Wall Street of the West. Featuring murals by noted Los Angeles artist Hugo Ballin, whose work can also be seen on the LA Times building and in the Griffith Observatory, the building is considered an example of the Zigzag Moderne style. This style has played a major role in the Art Deco movement.
By the mid-1960s, business activity began to die down in the area. While Title Insurance managed to stick around until the late 1970s, the company finally left for a new location in Rosebead and left behind the 11-story building designed by Downtown architect John Parkinson. For a period of time, the building was known as the Design Center of Los Angeles as it housed furniture showrooms. The Central Library also set up operations in the building for a period of time after its central branch was destroyed by a fire in 1986.
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(all data current as of 7/25/2017)
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