The historic district includes 23 financial structures, including the city's first skyscraper, and three hotels all located along a stretch of South Spring Street from just north of Fourth Street to just south of Seventh Street. In the first half of the 20th century, this stretch of Spring Street was the financial center of Los Angeles, with the important banks and financial institutions being concentrated there. At least ten of the buildings in the district were designed in whole or in part by
John Parkinson, who designed many of the city's landmark buildings in the early 20th century, including the
Los Angeles Memorial Coliseum,
Los Angeles City Hall,
Bullocks Wilshire, and
Union Station. Ten of the buildings in the district have been designated as
Historic-Cultural Monuments by the Los Angeles Cultural Heritage Commission. Due to the large percentage of historic bank and financial buildings that remain intact in the district, the area was listed on the
National Register of Historic Places in 1979. The
Los Angeles Conservancy offers walking tours of the Spring Street Financial District on the fourth Saturday of each month at 10 a.m.; the tour lasts approximately 2-1/2 hours and costs $10 for the general public (reduced rate for Conservancy members).
History Early days The city's
central business district (CBD) in the 1880s and 1890s lay further north near South Spring and Temple Streets. The street can claim credit as the birthplace of the motion picture business in Los Angeles. In 1898,
Thomas Edison filmed a 60-second film titled "South Spring Street Los Angeles California", mounting a giant camera on a wagon to film the bustling action along South Spring Street.
Wall Street of the West In the early 1900s, the city center began spreading south, and the city's banks and financial institutions began concentrating along South Spring Street. The first two important buildings to make the move south were the Hellman and Continental Buildings, with the
Continental Building being considered the city's first skyscraper. In 1911, the
Los Angeles Times boasted about the building boom on Spring Street: The visitor to this city can at this moment observe skyscrapers in all stages of construction. It is a study which will provide the most comprehensible kind of answer to the query as to why Los Angeles is leading San Francisco, Portland, Seattle, St. Louis, Pittsburgh, Cleveland, Cincinnati, Baltimore, Detroit, Minneapolis, New Orleans, Boston, Buffalo and all other cities of anything near her in building activity as revealed by the monthly expenditures for construction work. The building boom along South Spring Street continued into the 1920s as the population and economy of Los Angeles boomed. South Spring Street remained the city's financial center even after World War II.
Decline (1970s–1980s) In the 1960s, many of the banks and financial institutions began moving to the western part of the downtown area, along Figueroa Street and Wilshire Boulevard. By the early 1980s, South Spring Street had become known for "transients who sleep in doorways and urinate on sidewalks."
Redevelopment and regentrification Since the early 1980s, South Spring Street has been the subject of numerous redevelopment projects. In recent years, numerous art galleries have moved into the old financial district, which is now known as Gallery Row. Many of the old bank buildings have also been converted into upscale lofts. As wealthier residents have moved into the district's lofts, older residents and artists have complained about the increased rents. One artist who had lived in the district for years said: The real problem with downtown lately, Gronk and his friends half-jokingly agreed is 'those people.' Westsiders. Trust-fund babies. New tenants who demand their bohemian pleasures be liberally sweetened with suburban amenities. Landlords who previously recruited artists to help make downtown 'safe' for gentrification, then jacked up their rents so only lawyers and screenwriters could afford it.
Beaux Arts architecture as the district's enduring strength The strength of the district remains its period architecture. Many of the
Beaux Arts façades along Spring Street remain virtually intact, making the district a popular shooting location for motion picture and television productions seeking authentic period cityscapes. He hailed the district's "financial palaces" as "a solid architectural achievement" which give the street "beauty, strength, unity and dignity." The converted buildings consisted of large, open lofts with high ceilings and no interior walls except for the bathrooms. The conversion was designed by architect Wade Killefer, who noted: "What lends these buildings to residential use is lots of windows and high ceilings, offering wonderful light." ; The Continental Building: 408 S. Spring Street – Built in 1902, the
Continental Building was originally known as the
Braly Building. The 12-story building was designed by
John Parkinson and is considered the first "skyscraper" in Los Angeles. It was the tallest building in Los Angeles until 1907. It is known for its highly ornamental cornice and bands. The Continental Building was converted into lofts as part of Tom Gilmore's Old Bank District lofts project. It was designated a Historic Cultural Landmark (HCM #730) in 2002. ; Isaias W. Hellman Office Building Annex: 410 S. Spring Street – This annex to the
Isaias W. Hellman Office Building was completed in 1914, adjoined to the rest of the offices that stretch to 411
Main Street on the other side of the block. ; El Dorado Hotel: 416 S. Spring Street – Originally known as the
Hotel Stowell, the 12-story hotel was built in 1913 and designed by Frederick Noonan with a highly stylized and brightly colored facade, enameled brick and terra cotta.
Batchelder tiles are used extensively in the hotel and lobby. Shortly after the hotel opened,
Charlie Chaplin lived at the Stowell, which he described as "a middle-rate place but new and comfortable." Chaplin later told a story about receiving a telephone call while there concerning an appearance for which he was to be paid $25,000. Chaplin recalled: "My bedroom window opened out on the well of the hotel, so that the voice of anyone talking resounded through the rooms. The telephone connection was bad, 'I don't intend to pass up twenty-five thousand dollars for two weeks’ work!' I had to shout several times. A window opened above and a voice shouted back: 'Cut out that bull and go to sleep, you big dope!'" In 2008, the building was converted into lofts under the name "El Dorado Lofts." ; Title Insurance Building: 433 S. Spring Street – Built in 1928, the Title Insurance Building is a ten-story building designed by
John and Donald Parkinson in the Zig-Zag
Moderne style. The marble lobby includes a mural by
Hugo Ballin. The Title Insurance Building was the subject of the district's first major redevelopment project. Architect-developer Ragnar C. Qvale acquired the building in 1979. He took the impressive Art Deco shell and converted the building into the Design Center of Los Angeles, which he leased to wholesale household furniture showrooms. Early 2011, the ground floor of the building became an art gallery and coffee shop, and took the logical name of Groundfloor Gallery & Café.
The Last Bookstore is also in the building. ; Rowan Building: 460 S Spring Street – Built in 1910, the 11-story Rowan Building was originally known as the
Chester Building, designed by Parkinson & Bergstrom in a mix of Beaux Arts and Classical styles. Ornate cast iron rosettes hang from the building's cornice, and elegant glazed terra cotta panels cover the facade. During its construction, the
Times described it as a "mammoth" structure being built with the most massive steel girders and beams ever used on the West CoaStreet The building, built from 3000 tons of steel, was the largest office in Los Angeles in 1911. Many interior features including Carrara marble corridor walls and floors, mahogany windows, and detailed Art Deco elevator doors have been preserved. ; Alexandria Hotel: 210 W. 5th Street – Built in 1906, the eight-story
Alexandria Hotel is another building designed by
John Parkinson. With 500 rooms, an elaborate wood lobby, and the glamorous Palm Court with its stained glass dome, the Alexandria was the most luxurious hotel in Los Angeles from the time it opened until the Biltmore opened in the mid-1920s. Movie stars and other celebrities, including
Mae West,
Humphrey Bogart,
Rudolph Valentino,
Clark Gable,
Greta Garbo,
Sarah Bernhardt,
Enrico Caruso and
Jack Dempsey were guests.
Charlie Chaplin kept a suite at the Alexandria and did improvisations in the lobby where
Tom Mix reportedly rode his horse. The Palm Court in the Alexandria was designated a Historic Cultural Landmark (HCM #80) in 1971. ; Security Building: 510 S. Spring Street – Built in 1906, the 11-story steel-frame
Security Building was designed in an
Italianate style by
Parkinson and Bergstrom. When it was built, it was the tallest building in Los Angeles, surpassing the Continental Building. It remained the city's tallest building until 1911. The Security Building has been converted to lofts operated under the name "The Lofts at the Security Building." The Security Building was designated a Historic Cultural Landmark (HCM #741) in 2003. ; Los Angeles Theater Center: 514 S. Spring Street – Built in 1916, the one-story building was designed by
John Parkinson in a
Greek-Revival style with
Ionic columns. In addition to the columns, the building is known for its lobby with a large 50 by stained glass ceiling supported by heavy ornamental bronze cornices and marble walls. In 1985, the building reopened as the Los Angeles Theater Center, a venue with multiple theaters offering live theatrical productions. The converted building has preserved the bank lobby with its stained glass ceiling. The Theater Center met with financial trouble and was forced to close. However, it was later re-opened by the City. ; Spring Arcade Building: 541 S. Spring Street – Built in 1924, the 12-story, double-wing
Arcade Building, designed by architects Kenneth MacDonald and Maurice Couchot, includes a cavernous midblock arcade connecting Spring Street with Broadway. Originally known as the "Mercantile Arcade Building," it was modeled on the
Burlington Arcade in
London, England. Its three-level, skylighted arcade has been called a space "as regal as almost any other interior space in the city." The ups and downs of the district were reflected in the sales of the Arcade Building. As the area fell into decline, it sold in 1977 for $300,000. Five years later, as redevelopment projects fueled speculation in Spring Street properties, it sold for $4.5 million—15 times its 1977 sale price. ; Lloyd's Bank: 548 S. Spring Street – Built in 1913, the 12-story Lloyd's Bank was designed in the Commercial style by William Curlett & Son. The building has been converted into lofts and is now known as SB Lofts. The music video of ''
I'll Be Over You'' was shot with the band,
Toto, playing on the rooftop of this building. ; Pacific Southwest Bank: NW corner of 6th and Spring – Built in 1910, the 11-story Pacific Southwest Bank was designed by
Parkinson & Bergstrom in the Classical style with fluted columns. The building has been converted into lofts and is now known as SB Manhattan. ; United California Bank: 600 S. Spring Street – Built in 1961 and designed by
Claud Beelman & Associates, this contemporary glass and concrete building is one of the few nonconforming intrusions in the Spring Street Financial District. It was the first skyscraper to be built after the city's building height limit was lifted. City planners hoped it would solidify Spring Street as the city's financial center, but an exodus of banks and financial institutions began in the 1960s. and Spring, 1886 ; Hotel Hayward: 601 S. Spring Street – Built in 1905, the nine-story Hotel Hayward was designed by
Charles Whittlesey. There is a 14-story addition on the western side that was added in 1925 and designed by
John and Donald Parkinson. The Hotel Hayward plays a part in the 2007 movie "
Transformers," as the climactic battle between "
Megatron" and "
Optimus Prime" takes place on the street in front of The Hotel Hayward. The hotel was built on the site of the original
Ralphs Brothers grocery store, when the area was still south of the central business district and was still mostly residential. That store would give rise to today's large chain of supermarkets. ; Los Angeles Stock Exchange Building: 618 S. Spring Street – Built in 1929, the eleven-story
Los Angeles Stock Exchange Building was designed by Samuel Lunden in the
Moderne style. Ground was broken in October 1929, just as the Great Depression hit, and when the Los Angeles Stock Exchange opened its doors there in 1931, the country was deep into the Depression. There are three bas-relief panels carved by
Salvatore Cartaino Scarpitta into the granite above the building's entrance. The panels portray the elements of a capitalist economy. The large central panel, "Finance", displays capitalists. The "Production" panel shows an aircraft engine, a steel worker pouring molten metal and a worker stirring it. The "Research and Discovery" panel shows oil derricks, factories, a chemist conducting an experiment and a man kneeling in a library reading a book. The interior is wonderfully preserved, and has ancient Near East and Native Indian influences by the designer Julian Ellsworth Garnsey. On the entrance lobby's ceiling the Wilson Studio created four sculpted figures representing: Speed (Mercury), Accuracy (the archer), Permanence (a figure contemplating the universe), and Equality (the figure bearing scales). The highlight of the interior was its massive 90' x 74' balconied trading floor with a forty-foot ceiling and sixty-four booths. On fifth floor was a clearing-house with a statistics department, an auditorium, and a lecture room. Offices occupied floors six through nine, and the top two floors included: a club with a library, a card room, a billiard room, and reading rooms. The basement held a 2,660-sq. ft. printing room and a vault. In 1986, the exchange (by then part of the Pacific Stock Exchange) moved out of the building. In the late 1980s, the Community Redevelopment Agency helped fund a night club that opened in the Exchange Building—called the Stock Exchange, but the club did not survive the 1980s. In late 2008, the building underwent extensive renovations and reopened in 2010 as Exchange LA nightclub. The visually dynamic building and interiors are frequently used for location filming, and has been featured in The Big Lebowski, The Social Network, and numerous television shows and commercials. Special events include corporate parties, product debuts, and fashion shows. The Stock Exchange Building was designated a Historic Cultural Landmark (HCM #205) in 1979. ; E.F. Hutton Building: 623 S. Spring Street – Built in 1931, the 12-story Zig-Zag
Moderne E.F. Hutton Building once housed E.F. Hutton's big board. The Hutton and California Canadian Bank were the first office buildings to be converted into residences. In 1984, the Community Redevelopment Agency converted the adjacent towers into 121 condominiums in a project called Premiere Towers. However, when most of the units failed to sell, the agency sold the project to a developer who offered the units for rental—in the process destroying property values for those who had purchased units. ; California Canadian Bank: 625 S. Spring Street – Built in 1923, the 12-story Neo-Classical building includes terra cotta ornamentation on the top two levels. The building is now part of the Premiere Towers project with the E.F. Hutton Building. ; Mortgage Guaranty Building: 626 S. Spring Street – Built in 1913, the six-story Mortgage Guaranty Building (also known as the
Sassony Building) has a decorative cornice and fluted columns. In 2004, the structure was converted into 36 apartments called "City Lofts" by developer
Izek Shomof. ; Banks & Huntley Building: 632 S. Spring Street – Built in 1930, the Banks & Huntley Building was designed by
John and Donald Parkinson in the
Moderne style. It is now known as The Nonprofit Center, housing the national and regional offices for
MALDEF, a Latino civil rights organization. The building also rents space to other nonprofit organizations providing assistance to minority and underserved communities. The building has been restored to its original Art Deco design. The Banks & Huntley Building was designated a Historic Cultural Landmark (HCM #631) in 1999. ; Barclays Bank: 639 S. Spring Street – Built in 1919, the 13-story Barclays Bank was designed by Morgan, Walls & Morgan. The Barclays Bank building was designated a Historic Cultural Landmark (HCM #671) in 1999. ; A.G. Bartlett Building: 651 S. Spring Street – Built in 1911, the
Bartlett Building was originally known as the Union Oil Building and served as the headquarters of
Union Oil Company until 1923. The building was designed by Parkinson & Bergstrom. ; Bank of America Building: 650 S. Spring Street – Built in 1924, the 12-story Bank of America Building was designed by Schultze & Weaver. Its facade has Indian limestone and terra cotta in a style reminiscent of
Louis Sullivan. The building has been converted into lofts and is now known as SB Spring. ; Financial Center Building: 704 S. Spring Street – Built in 1923, the 13-story Financial Center Building was designed by S. Tilden Norton and Frederick Wallis. The facade has pressed brick and terra cotta. ; I.N. Van Nuys Building: 210 W. 7th Street – Built in 1911 by the
Isaac Newton Van Nuys (a noted banker and owner of much of the
San Fernando Valley), the Van Nuys Building is an 11-story building in Classical style with
Italianate details. The
Times reported in 1911 that the magnificent new building would be "the city's most expensive office building" at $1,250,000. and was designated a Historic Cultural Landmark (HCM #871) in 2007. It was converted from offices to 93 residential units plus retail space in 2008, and was renamed the National City Tower.
Image gallery Hellman Building (Los Angeles).jpg|Hellman Building, northeast corner of 4th File:Off and Vaughn Drug Company, Fourth Street and Spring Street, ca.1890-1900 (CHS-357).jpg|Corner of 4th & Spring in the 1890s File:German American Savings Bank, illustrated on a postcard, 1908.png|Continental Building at #408 when home to the German American Savings Bank, 1908 Image:Building at 408 S. Spring St. (Top), Los Angeles.JPG|Continental Building, LA's first skyscraper Title Insurance Building (Los Angeles).jpg|Title Insurance Building at #433 Spring Arts Building (former Crocker Bank).jpg|Crocker Bank Rowan Building (Los Angeles).jpg|Rowan Building, 131 W. 5th Image:Title Insurance Building 2 (Los Angeles).jpg|Moderne exterior of the Title Insurance Building at #416 Alexandria Hotel 2 (Los Angeles).jpg|Alexandria Hotel, 210 W. 5th Security Building (Los Angeles).jpg|Security Building at #510 Los Angeles Theater Center.jpg|Los Angeles Theater Center at #514 Spring Arcade Building Entrance (Los Angeles).jpg|Spring Arcade Building at #541 Lloyd's Bank (Los Angeles).jpg|Lloyd's Bank at #548 File:Panoramic view of downtown Los Angeles, 6th Street and Main Street, 1904 (CHS-5061-p).jpg|1904 panorama including the 600 block of Spring St.; the streetcar is traveling south on Spring, crossing 6th St. Pacific Southwest Bank - SB Manhattan (Los Angeles).jpg|Pacific Southwest Bank at northwest corner of 6th Hotel Hayward (Los Angeles).jpg|Hotel Hayward at #601 Los Angeles Stock Exchange Building.jpg|Los Angeles Stock Exchange at #618 Image:E.F. Hutton Building (Los Angeles).jpg|Decorations above entrance to E.F. Hutton Building at #623 Premiere Towers (former California Canadian Bank).jpg|California Canadian Bank hat #625 Mortgage Guaranty Building - City Lofts (Los Angeles).jpg|Mortgage Guarantee Building at #626 Banks & Huntley Building (MALDEF Nonprofit Center).jpg|Banks Huntley Building at #632 Spring Towers Lofts (former Barclay's Bank).jpg|Barclay's Bank at #639 Bartlett Building (Los Angeles).jpg|Bartlett Building at #651 Old Bank of America Building (Los Angeles).jpg|Bank of America at #650 Financial Center Building (Los Angeles).jpg|Financial Center Building at #704 I.N. Van Nuys Building (Los Angeles).jpg|Van Nuys Building, 210 W. 7th ==Downtown north of the historic district==