LOS ANGELES (CelebrityAccess MediaWire) — Concert promoter Live Nation is making more room for their Los Angeles headquarters by expanding into the building next door.
According to the Los Angeles Times, Live Nation has agreed to rent 33,000 square feet in an adjacent former industrial building at 9350 Civic Center Drive. The full terms of the 10-year lease were not disclosed, but real estate experts familiar with the area told the Los Angeles Times that they estimate the deal was worth about $17 million based on current market values.
“This is more than an office building conveniently close to our existing headquarters,” John Ahrens, head of real estate at Live Nation told The Times. “It’s a cool building, with a historic feel and interesting architecture that complements the character of our current space.”
Live Nation is currently the main tenant of a building at 9348 Civic Center Drive that is colloquially known as The Ice House. In a former life, the industrial building served as an ice production and cold storage facility.
Both buildings have been updated into office complexes decades ago, with designs by Los Angeles architect Barton Myers and the new building now features rooftop parking. Gibson Guitars are also tenants in the building. – CelebrityAccess Staff Writers