CAA founder and his business partners sold the building in the city's burgeoning entertainment district for more than $20 million
Michael Ovitz is selling Live Nation’s Beverly Hills base to a New York real estate company that has been buying up properties in the area, which the city is promoting as its entertainment district.
Tishman Speyer is paying more than $20 million for the four-story building at 9348 Civic Center Drive, co-owned by the CAA founder and business partners Bob Goldman and Bill McGregor. Tishman recently purchased the former Hilton Hotels headquarters next door to the Live Nation building, at 9336 and 9346 Civic Center Dr., and is renovating it.
This purchase would enable the developer to create a larger office complex.
AOL, Netflix and Lakeshore Entertainment have offices nearby, and Google is opening a 13,465-square-foot office in the area.
A spokeswoman for Live Nation, which is a tenant in the 57,111-square-foot officebuilding, declined comment on the deal, as did a spokesman for Tishman Speyer. Published reports peg the deal between $20 million and $25 million, but an individual familiar with the deal told TheWrap said the figure is closer to $20 million.
The building is known as the "Ice House" because it once was used to store ice. The deal is not expected to close for at least a month, and possibly several.
Tishman owns four properties in Beverly Hills, including the former Hilton headquarters it acquired in January. It owns Beverly Mercedes Place, a three-story building at 9242 Beverly Blvd., Maple Plaza, a three-story building at 335-345 North Maple and 407 North Maple, a four-story building on 2 acres.
The Hollywood Reporter first reported the news.