Downtown arts center bought

Former Pasadena Playhouse owner and local real estate developer David Houk has partnered with Robert Abassi of RTI Properties to purchase the Variety Arts Center in downtown Los Angeles from Staples Center owner Anschutz Entertainment Group. The historic Figueroa Street venue, which includes a 1,000-seat main theater, will open after an estimated yearlong renovation of the property that will “hopefully begin within 60 or 90 days,” Houk said this week. “After it is restored, the five-story, 1924 Italian Renaissance building will present live theatrical productions with a focus on new plays and musicals, Houk said.