IRA Capital Acquires Live Nation Headquarters Building in Beverly Hills for $153M
BEVERLY HILLS, CALIF. — IRA Capital, a private equity firm based in Southern California, has acquired The Post, an office complex in Beverly Hills, for $153 million. The seller was not disclosed.
The 102,500-square-foot property serves as the headquarters of promotion and ticketing company Live Nation Entertainment (NYSE: LYV), which occupies 92 percent (94,300 square feet) of the space. The U.S. Postal Service occupies the other 8 percent (8,200 square feet) of the four-story building.
The Post underwent a $44 million capital improvement program in 2019 to reposition the building to attract more creative office users. The project incorporated an open-floor workspace that features 22-foot ceilings, an open stairway and outdoor patio spaces.
“The property’s irreplaceable location and thriving tenant align with IRA’s investment thesis of pursuing best-in-class properties,” says Samir Patel, IRA Capital’s co-founder. “Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.”
The stock price of Live Nation, which employs more than 44,000 people worldwide, opened at $100.80 per share on Monday, Oct. 18, up nearly 100 percent from $54.59 per share a year ago.
IRA Capital, which expects to exceed $1 billion of commercial acquisitions by the end of the year, recently sold a 29-property healthcare portfolio to Nuveen Real Estate for $620.4 million. The company remains active in the entertainment space via its partnership with Lantern Entertainment, an independent film studio based in Dallas.
— Taylor Williams