Dealmaker: IRA Capital Acquires Beverly Hills Office for $153M

IRA Capital, Irvine, Calif., acquired The Post, a Class A creative office building in Beverly Hills, Calif., for $153 million.

The 102,500-square-foot property at 325 North Maple Drive is 92 percent leased to Live Nation Entertainment Inc, the world’s largest live entertainment promotion and ticketing company. The four-story building serves as Live Nation’s concerts division headquarters. The U.S. Postal Service occupies the remaining 8 percent.

“Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes,” said IRA Capital co-founder Samir Patel.

The Post received a $44 million redevelopment in 2019 that incorporated an open plan with 22-foot ceilings, a large-scale open stairway and outdoor patios to promote creative collaboration. The local office market is a hub for entertainment and media companies including talent/advertising agencies, production companies and high-tech businesses. In August, private equity firm IRA Capital sold a 29-property healthcare real estate portfolio to Nuveen Real Estate, Chicago, for $620 million.