The Spring Street complex known for years as Title Insurance & Trust headquarters and more recently as the Los Angeles Design Center, has been sold to a partnership with offices in Santa Monica for an estimated $25 million.
Twin Springs & L.P., Delaware Ltd. Partnership was the buyer. Principals are Larry Bond, Al Ehringer and Kirk von Meeteren.
Ehringer said "no comment" when asked about a rumor that actor Arnold Schwarzenegger is also an investor.
Twin Springs bought the two-building complex at 433 S. Spring St. "because we think there will be a resurgence on Spring Street, " Ehringer said. "We know that's been said before, but we think it will happen now with the state office building being constructed across the street, the city's commitment to parking, and the neighborhood clean up efforts that are going on."
The Boardroom restaurant will remain, and Jim Carlton, who has managed the building most of the time since it was purchased by the former owners in 1979, will continue as the building manager.
With a budget of about $3.5 million, the new owners plan to upgrade the annex, one of the property's two buildings, turning the space into offices. The Central Library has been temporarily occupying space there while workers sort and restore 70,000 water-damaged books.
The library moved into the annex last June, after leasing nine of the main building's 10 floors for 4 1/2 years, or until its fire-ravaged building at 5th and Flower streets is renovated and expanded. A small lending branch library, The Book Shop, opened last June 1 just off the lobby of the main building.