Dreamworks founder David Geffen has donated US$150m (€128m, £114.1m) towards the US$600m (€511.9m, £456.6m) campaign creating a new home for the Los Angeles County Museum of Art (LACMA).

Geffen’s donation is the largest single cash gift from an individual in the museum’s history, with his philanthropic support also making him the largest individual donor to the Building LACMA campaign.

“This innovative addition to the LACMA campus will ensure ongoing and expanded access to their permanent collection,” said Geffen.

“LACMA will be able to touch millions of lives and create an even healthier and more vibrant community for everyone. At a time when federal funding for the arts is threatened, it’s important that we foster public-private partnerships, like this one, to support arts and cultural institutions. Together, we can and must make sure every person has access to the arts.”

In honour of his gift – which brings the total amount committed up to US$450m (€384m, £342.4m) – the new Peter Zumthor-designed building will be called the David Geffen Galleries.

Zumthor’s original design for the museum was a black organically-shaped structure, inspired by the nearby La Brea tar pits. The design has since evolved to something harder-edged and a different colour – with light earthy tones now set to be used for the monolithic facade.

The Geffen Galleries will replace four of the museum’s seven current buildings, with construction expected to start in 2019. Work will be completed in 2023 to coincide with the opening of the adjacent New Metro Purple Line subway.