Here's a factoid about the UCLA Hammer Museum. You may know that the museum is in the building on Wilshire and Westwood that is also the corporate headquarters of Occidental Petroleum. Occidental was at one time chaired by Armand Hammer who tended to confuse his money with that of the company. He created the museum out of his art collection but somehow it was part of Occidental. When he died, the company was keen to get rid of the museum and it came into the hands of UCLA. Now Occidental is moving out of the building and the building is for sale.
According to the
LA Business Journal, of Sept. 1, the sale is complicated by a provision that would allow the museum, which gets its current space rent-free, to buy the building in 2021 for $55 million, reportedly well below its current value.
Story at
http://labusinessjournal.com/news/2014/sep/01/museum-tenant-may-leave-oil-hq-high-dry/
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