(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
LOS ANGELES-The Anschutz Co. has put AEG up for sale. The asking price has not been disclosed. AEG is a well-regarded worldwide live entertainment and sports platform anchored by a unique real estate model that has arguably brought about a transformational effect on major cities throughout the world. Among the firm’s assets are the L.A. LIVE campus anchored by the Staples Center and Nokia Theater here and the O2 in London.
To assist the sale process, Anschutz has retained Blackstone Advisory Partners as financial advisors, a firm that recently managed the auction of the Los Angeles Dodgers. According to Cannon Y. Harvey, president of the Anschutz Co., “This process represents a unique opportunity to maximize value for all concerned and will allow us to assure that, like the Anschutz Co., the new owner will have the financial resources, commitment and vision to support AEG’s management team as it continues to grow the businesses of AEG and the power of its brands.”
Harvey added in a prepared statement that the sale process will be conducted “in a manner that avoids disruption of the day-to-day operations of AEG and its constituencies.”
Anschutz is marketing AEG to the qualified party best able to reflect the full value of AEG and that is fully committed to working with the subsidiary’s management team as it pursues its long-term business objective. With this unique international platform, the intention is that the new owner will be able to capitalize on the growing global demand and value of live sports and entertainment content linked to important real estate developments on a worldwide basis.
AEG combines venues, content, distribution and services, covering all aspects of production, including content development and ownership, talent management, promotion, ticketing, marketing and distribution. According to Tim Leiweke, president and CEO of AEG, “AEG is a proven innovator in real estate, sports and live entertainment and is at the forefront of shaping the dynamics of these industries. With the AEG platform, we are able to successfully undertake transformational projects that revolutionize markets by creating true entertainment destinations for consumers, while positively regenerating neighborhoods through projects such as L.A. LIVE in Los Angeles and O2 in London.”
As GlobeSt.com reported earlier this week, homes at the Ritz-Carlton Residences at L.A. LIVE–the 54-story, luxury-branded residences here–are now 58% sold. The sales figures include purchases of multiple residences by individual buyers and institutions. The new totals are 131 of the building’s 224 residences sold with more than 20 residences currently in escrow. The combined value of sales at the property is now well over $200 million.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
