IRA Capital Acquires Class-A Beverly Hills Creative-Office for $153 Million
October 14, 2021 IRA Capital (“IRA”) is pleased to announce the acquisition of “The Post,” a Class-A creative office building located in the heart of Beverly Hills, California. The 102,500 square foot property located at 325 North Maple Drive is 92% leased to Live Nation Entertainment Inc (NYSE: LYV), the world’s largest live entertainment promotion and ticketing company with more than 44,000 employees worldwide. The four-story building serves as Live Nation’s concerts division headquarters, a mission-critical segment of their operations which accounts for 80% of their consolidated revenue. The remaining 8% of the building is leased to the US Postal Service.
The Post underwent a $44 Million redevelopment in 2019, which incorporates active design elements such as the light-filled open plan featuring 22 ft. ceilings, a large-scale open stairway, and outdoor patios that promote a dynamic workspace ideal for creative collaboration. The highly-amenitized LEED-certified building provides the optimum environment for Live Nation’s brand and makes the project one of the most prominent creative-office developments in Beverly Hills. The local office market is recognized as “World Headquarters” for the entertainment and media industries, attracting the most coveted talent/advertising agencies, production companies, and high-tech businesses.
IRA recently sold a 29-property healthcare real estate portfolio to Nuveen Real Estate for $620.4 Million. IRA has also been active in the entertainment/media business through its partnership with Lantern Entertainment as a major investor in Spyglass Media Group. According to IRA Capital co-founder Samir Patel, “the property’s irreplaceable location and thriving tenant align with IRA’s investment thesis of pursuing best-in-class properties. Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.” IRA is continuing to expand its real estate portfolio in various sectors including healthcare, multifamily, and office with plans to exceed $1 Billion of acquisitions by year-end 2021.
About IRA Capital
IRA Capital is a Southern-California based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions and family offices. IRA invests in commercial real estate assets throughout the United States, and also has a private equity/venture capital platform that invests in operating companies across various sectors. Headquartered in Irvine California, IRA has acquired over six million square feet of property in 30 states, valued in excess of $2.5 Billion.
For more information, please contact:
Danielle de Souza, IRA Capital Corporate Communications
ddesouza@iracapital.com / 949.612.2742
Read Related News Online At: PRNewsWire
Read Related News Online At: TheStreet.com