Tishman Speyer bought the office building at 9348 Civic Center Drive in Beverly Hills, CA this month for $20 million from Beverly Hills Ice House Investment Ltd., a group formed by Michael Ovitz and other partners. The property, also known as the Ice House, was previously sold for $3.3 million in 1993 and $10.5 million in 1989 according to CoStar Group information.
The Ice House serves as the world headquarters for Live Nation Entertanment, which merged with Ticketmaster last year. Live Nation will remain at the building under a long term lease until at least 2020. The 44,673 square foot building was originally built in 1925 as an ice storage plant and renovated in the 1990s for office space with design from Barton Myers. The Ice House is next door to Hilton Hotels' former 184,305-square-foot corporate office complex, a property Tishman purchased nine months ago and is currently renovating.
"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," said Mark Laderman, Tishman's regional managing director, in an LA Times article.
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