IRA Capital has acquired The Post, a fully leased class-A office building in Beverly Hills for $153 million. Live Nation occupies 92% of the property, while the US Postal Service occupies the remaining 8% of the building. They are the building's only two occupants.
Located at 325 North Maple Drive, the four-story building totals 102,500 square feet with an open floor plan featuring 22-foot ceilings and outdoor patios for work and collaboration and it has a LEED certification. In 2019, the previous ownership completed a $44 million renovation.
Live Nation utilizes the building as the headquarters for its concert division, which accounts for 80% of the company's consolidated revenue. As a result, the property is regarded as one of the most high-profile creative-office properties in Beverly Hills. The location and the tenancy drove IRA's interest in the opportunity, even considering the recent disruption to both the live entertainment market and the office market during the pandemic.
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