Downtown Museum Given ‘Major’ Donation of Funds

The Museum of Contemporary Art, the largest contemporary art museum in the United States, has received a much-needed “major” contribution from Shuwa Investments Corp., a museum official said today.

Although not announced officially, museum spokeswoman Barbara Kraft confirmed that the gift had been received and that the museum would rename its large north gallery in the 5-month-old, $23-million downtown museum after the corporation.

“The gift is so major we cannot divulge the amount,” Kraft said.

Another museum official, who asked not to be named, said the contribution is near $1 million.

The donation comes less than one month after the museum’s new chief curator, Mary Jane Jacob, told United Press International that the museum was facing budget problems and had no money for acquisitions.

Shuwa Investments Corp., the U.S. subsidiary of a major Japanese investment company, owns many major office buildings in the United States, including the Arco Towers, the Chase Plaza Building, and 1900 Avenue of the Stars, all in Los Angeles; the ABC Building and the Mellon Financial Center in New York, and the Paine Webber in Boston.