BEVERLY HILLS, CA-Tishman Speyer has added to its Beverly Hills office portfolio with the acquisition of the 45,000-square-foot Live Nation Entertainment headquarters office building at 9348 Civic Center Dr. The property, which Tishman Speyer acquired in a direct deal between buyer and seller, is next to another building that Tishman Speyer bought this year.
The 9348 Civic Center Dr. building is known locally as the “Ice House” because it was built as an ice house in 1925 and later converted and renovated to feature creative modern office space. The building that it is next to is the former Hilton Hotels Corp. headquarters property that Tishman Speyer acquired earlier this year and that the firm is now renovating.
In that deal, Tishman Speyer acquired two four-story class A buildings, totaling 185,000 square feet, became available in 2009 when the hotel company moved its corporate offices to Virginia.
This latest transaction increases Tishman Speyer’s considerable investment presence in the relatively small but upscale Beverly Hills submarket, where it already is one of the largest office landlords. Along with the former Hilton property, the firm’s local portfolio includes Beverly Mercedes Place, 407 North Maple and Maple Plaza. With this addition, the firm’s Beverly Hills holdings now total 825,000 square feet.
Mark Laderman, Tishman Speyer regional managing director, commented in an announcement regarding the Ice House acquisition: “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. This is a market that draws world-class companies, and our portfolio is well positioned to meet their office needs.”
Terms of the deal were not disclosed. Tishman Speyer did not disclose the seller, but industry sources indicate it was Beverly Hills Ice House Investments LP.
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