The Museum of Contemporary Art in Los Angeles has received a major gift from Shuwa Investments Corp., museum officials announced this week.
Although the amount of the contribution was not revealed, William Kieschnick, chairman of the museum board, said it was "a six-figure amount," somewhat smaller than the speculative figure of $1 million released in early accounts.
Shuwa, the U.S. subsidiary of a major Japanese investment company, owns several office buildings in Los Angeles, including Arco Towers, the Chase Plaza Building and the 1900 Avenue of the Stars. Among Shuwa's East Coast holdings are the ABC Building and the Mellon Financial Center in New York and the Paine Webber facility in Boston.
The corporation's contribution will go into the museum's capital fund for art, possibly to help pay for the $11-million Panza collection of Abstract Expressionist and Pop art.