BEVERLY HILLS, CA (CelebrityAccess MediaWire) — Former CAA head Michael Ovitz appears to be ready to sell the building housing Live Nation's headquarters to a real estate investment firm for an estimated $20-25 million.
According to the Hollywood Reporter, Ovitz and his partners Bob Goldman, CAA's former CFO, and Bill McGregor, have reached a preliminary agreement with Tishman Speyer Properties for the 57,111-square-foot building, known as the Ice House.
The 4-story building was originally constructed in 1925 as an ice storage facility and saw a major overhaul in 1995, which converted the building into office space.
THR reports that Tishman, who recently purchased the former Hilton hotel building located next door, hopes to create an office campus in a section of the city that is being promoted as a future entertainment business district. Google plans to open their entertainment offices in the area, as do several other companies such as Netflix and AOL. – CelebrityAccess Staff Writers