Former CAA head Michael Ovitz and partners have reached a preliminary agreement to sell the Beverly Hills headquarters of Live Nation to commercial real estate investment firm Tishman Speyer Properties, according to multiple sources.
Ovitz co-owns the 9348 Civic Center Drive building with Bob Goldman, CAA's former CFO, and Bill McGregor, a real estate developer, through their Beverly Hills Ice House Investment Ltd. business entity. The four-story building -- named the Ice House for its original use as an ice storage facility -- dates to 1925 and was given a significant remodel into a modern office property in 1995.
Though the sale has not closed, sources said the 57,111-square-foot building is expected to trade hands for between $20 million and $25 million.
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