Former CAA topper Michael Ovitz?and partners have reached a preliminary agreement to sell the Beverly Hills headquarters of Live Nation to commercial real estate investment firm Tishman Speyer Properties, according to multiple sources.
Ovitz co-owns the 9348 Civic Center Drive building with Bob Goldman, CAA's former CFO, and Bill McGregor, a real estate developer, through their Beverly Hills Ice House Investment Ltd. business entity.
Though the sale has not closed, sources said the 57,111-square-foot building is expected to trade hands for between $20 million and $25 million.
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The four-story building -- named the Ice House for its original use as an ice storage facility -- is not the only property Ovitz and Goldman own together. They co-own with others the I.M. Pei-designed former CAA headquarters at 9830 Wilshire Blvd.
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The Ice House dates to 1925 and was given a significant remodel in 1995 by architecture firm Barton Myers Associates, which transformed the industrial building into a modern office property.
Scooping up the building makes sense for Tishman, which in January bought the former Hilton Hotels headquarters next door for about $62 million. The Ice House purchase would allow New York-based Tishman to create an office campus-like environment in a former industrial section of Beverly Hills that the city is promoting as an entertainment business district.
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Last week, Google finalized a lease with the city to open a 13,465-square-foot office for the company's entertainment division in a city-owned property in the district. AOL, Netflix and independent film production company Lakeshore Entertainment also maintain offices in the area, which is just east of Beverly Hills City Hall.
Tishman declined to comment. Ovitz, Goldman and McGregor did not return phone calls seeking comment.
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Source: http://feedproxy.google.com/~r/thr/business/~3/TPhp-OtIUmk/michael-ovitz-selling-live-nation-177546
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