Title Insurance building to undergo creative office conversion

Rising Realty Partners, Lionstone Investments and Industry Partners bought the landmark building last week

Jun.June 14, 2016 10:30 AM

Downtown’s Title Insurance and Trust building is getting a creative makeover.

Spearheaded by the L.A.-based development firm Rising Realty Partners, the iconic and currently vacant Art Deco structure will undergo a $40 million renovation to become creative offices.

Rising Realty bought the structure in conjunction with Lionstone Investments and Industry Partners last week, though what they paid has not yet been disclosed.

For the 11-story building at 433 South Spring Street, developers are planning to create about 300,000 square feet of offices, most of which will have open floor plans. The ground floor would have retail space and the roof would house a restaurant. The facade will be updated, and lead and asbestos will be removed.

The imminent transformation of the Title Insurance building marks a shift in the historic core of Downtown Los Angeles, according to development consultant Hal Bastian.

The area was once a commercial hub — known as the Wall Street of the West — but fell to the wayside in the 1970s as businesses migrated to the suburbs. The shift now, Bastian told the L.A. Times, is catalyzed by the past two decades’ residential conversions that have emerged along Main Street, Spring Street and Broadway.

“It’s coming full circle,” he said.

Houston-based Lionstone, Santa Monica’s Industry Partners and Rising Realty have collaborated before: The group worked to convert the PacMutual Center at 6th and Olive Streets into offices.

Nearby, another DTLA Art Deco classic is getting a makeover. Hotel Cecil at 640 South Main Street, is gearing up to become a residential complex of 301 micro-apartments, courtesy of New York City-based co-living company Ollie. [LAT]Cathaleen Chen

Related Articles

The Park Calabasas and Chris Rising (Credit: Jeff Newton)

Rising Realty fills Park Calabasas with latest big lease

KTGY CEO Tricia Esser and the Trust Building

Rising Realty signs KTGY Architecture as first tenant at renovated Trust Building

Chen Siqing, head of Industrial and Commercial Bank of China

China’s largest bank finances long-stalled condo tower project near Staples Center

Dean Matsubayashi, executive director at Little Tokyo Service Center and 414 Crocker Street

Nonprofit developer adding to affordable housing portfolio in Little Tokyo area

Brad Korzen, Kor Group CEO

Eye-popping bill at the Proper Hotel: Contractor sues for unpaid steel work

Lorne M. Buchman, president of ArtCenter College

ArtCenter expands into Gilmore Associates’ DTLA building that housed Main Museum

On a roll: Access Industries adds to DTLA haul

On a roll: Access Industries adds to DTLA haul

Rising Realty’s new CEO plans to invest $300M in properties outside LA

Rising Realty’s new CEO plans to invest $300M in properties outside LA