Live Nation will expand its Beverly Hills headquarters into its neighboring building.
The company plans to rent 33,000 square feet in a two-story building located at 9350 Civic Center Drive, according to the Los Angeles Times. Terms of the lease were not disclosed. But the deal is valued at about $17 million based on current market values, real estate experts told the Times.
“This is more than an office building conveniently close to our existing headquarters,” said John Ahrens, head of real estate at Live Nation, told the paper. “It’s a cool building, with a historic feel and interesting architecture that complements the character of our current space.”
Gibson Guitar Corp. is also a tenant in the building.
In related news, the Beverly Hills offices of UTA, Live Nation and Participant Media were evacuated Wednesday afternoon after a gas leak was reported at a nearby construction site. The gas leak had been cleared and the evacuees had been authorized to return to their offices at press time.