Live Nation’s corporate headquarters building, referred to as the “Ice House” because it housed ice storage in the 1920s, was sold for $20 million this month.
New York-based commercial real estate company Tishman Speyer bought the 45,000-square-foot building from a partnership headed by former movie mogul Michael Ovitz, who initially purchased the building for about $3.3 million in 1993.
The purchase is not expected to affect Live Nation, which will remain the building’s chief tenant to at least 2020 when its lease expires, according to the Los Angeles Times. The property is located in Beverly Hills on Civic Center Drive, near City Hall, and Live Nation set up shop there in 2006, not long after the company was spun off from Clear Channel Communications.
Live entertainment giant Live Nation merged with dominant ticketing company Ticketmaster in 2010, but Ticketmaster maintains offices on Wilshire Boulevard in Los Angeles.
Next to the Ice House is another property Tishman Speyer bought within the past year, a 184,000-square-foot corporate complex that formerly housed Hilton Hotels’ corporate headquarters. That property is currently under renovation.
Tishman Speyer owns commercial properties in New York, Boston, Chicago, Atlanta, Miami and other major cities. In Los Angeles some of its properties house other entertainment industry companies, including Castle Rock Entertainment and Netflix.
“We have confidence in the long-term strength of the market in Beverly Hills and elsewhere in Los Angeles, and we have assembled a group of attractive, strategically-located office properties that appeal to high-end users,” Mark Laderman, Tishman Speyer’s regional managing director, told the Los Angeles Times.