Before galleries moved into 6150 Wilshire Blvd. the building was a LANZ department store. Lanz of Salzburg is primarily known for producing nightgowns, classic pyjamas and other sleepwear.
According to Wikipedia, Developer A.W. Ross saw potential for the area, and developed Wilshire as a commercial district to rival downtown Los Angeles. Ross's insight was that the form and scale of the Wilshire strip should attract and serve automobile traffic rather than pedestrian shoppers.
Although the preponderance of shopping malls and the development in the 1960s of financial and business districts in downtown and Century City lessened the Miracle Mile's importance as a retail center, the area has retained its vitality thanks to the addition of several museums and commercial high-rises.
LACMA's building on Fairfax and Wilshire used to be a May Co Department store. Images from the Los Angeles Public Library Photo Collection.