LOS ANGELES (July 8, 2014)— Lincoln Property Company, owner of the historic downtown Los Angeles office building The Desmond, has reached an agreement with AEG to lease the entire building, located at the corner of Hope and 11th Streets just two blocks from their corporate headquarters at L.A. LIVE, enabling AEG to consolidate many of its divisions under one roof. The move will affect approximately 500 AEG employees across the company's AEG Live (including Goldenvoice) and AXS Ticketing (including Outbox Technologies) divisions.
“By bringing the AEG Live and AXS Ticketing divisions to The Desmond, we are reaffirming our commitment to downtown Los Angeles,” said Ted Fikre, Vice Chairman and Chief Legal and Development Officer, AEG. “With this decision, we are bringing leading global brands in the ticketing and live music business to what is clearly now the region’s most important business district. That’s a big move for us and a significant win for Downtown.”
In preparation for AEG's occupancy, the building is being refurbed, including the addition of a 6th floor which will bring the building up to 82,000 square feet, as well as a new ground floor cafe. Construction is expected to last for approximately 8 months with full occupation planned for April 2015.
Founded in 2011, AEG's AXS ticketing platform serves as AEG's primary consumer brand and has become the ticketing service for for venues including STAPLES Center, StubHub Center, Sprint Center, Best Buy Theatre Times Square, Fiddler’s Green Amphitheatre and London’s O2 Arena, among others. In addition to its ticketing operations and ownership share of AXS TV, the division’s portfolio of investment companies, include Carbonhouse, a leading website developer for venues, Frontgate Ticketing, a festival oriented ticketing platform owned in partnership with C3 Presents, and Bypass, the venue industry’s leading supplier of cloud-based food and beverage point-of-sale systems. – Staff Writers