{"id":32204,"date":"2021-10-18T07:03:17","date_gmt":"2021-10-18T04:03:17","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=32204"},"modified":"2025-11-11T18:58:11","modified_gmt":"2025-11-11T15:58:11","slug":"invesco-sells-los-angeles-creative-office-space-ira-capital","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/invesco-sells-los-angeles-creative-office-space-ira-capital\/","title":{"rendered":"Revamped Los Angeles Creative Office Commands $153M"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_column_text css=&#8221;&#8221;]Worthe Real Estate Group (Worthe) and Invesco Real Estate (Invesco) recently announced the sale of The Post, the joint venture\u2019s newly renovated creative office property at 325 North Maple Drive in Beverly Hills. The buyer was IRA Capital (IRA), a Southern California-based private equity firm with a primary focus on the medical\/healthcare real estate sector. IRA statements specified that the sale was closed for $153 million.<\/p>\n<p>The four-story building includes just more that 100,000 square feet of class A <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles office space<\/a>, 92% of which is leased to Live Nation Entertainment Inc. (Live Nation) under an 11-year contract that <a href=\"https:\/\/labusinessjournal.com\/news\/2019\/jan\/17\/live-nation-signs-lease-old-beverly-hills-post-off\/\" target=\"_blank\" rel=\"nofollow noopener\">was signed in 2019<\/a>. The approximately 95,000 square feet of office space included in this lease is home to Live Nation\u2019s concerts division headquarters, a segment of operations that accounts for 80% of the event promoter\u2019s consolidated revenue.<\/p>\n<p>Live Nation shares the property tenant roster with the U.S. Postal Service, which sold the property in 2014 and now occupies the remaining 8% of the rentable space.<\/p>\n<p>According to CommercialEdge data, Invesco purchased The Post in 2016 for $77.2 million in a deal that worked out to roughly $735 per square foot. Then, together with Worthe in 2019, the company embarked on a $44 million renovation program for the property. The repositioning work included active design elements, such as a large-scale open stairway, a light-filled open plan boasting 22-foot ceilings, and outdoor patios. The renovation also earned a LEED certification for The Post by employing several green building and operations systems, including:<\/p>\n<ul>\n<li>Electronic vehicle (EV) charging stations, as well as short- and long-term bicycle racks to encourage tenants to use alternative transportation<\/li>\n<li>Landscape irrigation that\u2019s on a drip water system and caters to drought-resistant plants<\/li>\n<li>Low-volume toilets and lavatory faucets throughout the building that contribute to water conservation and efficiency<\/li>\n<li>High-efficiency HVAC systems designed for efficiency that\u2019s superior to the stringent California Energy Code<\/li>\n<li>Large windows and skylights to maximize the use of natural light and reduce the building\u2019s dependency on electricity for lighting throughout the day<\/li>\n<li>A building recycling program that allows tenants to easily divert waste from the landfill<\/li>\n<li>A building envelope that consists of more than 30% recycled materials<\/li>\n<\/ul>\n<p>\u201cThe property\u2019s irreplaceable location and thriving tenant align with IRA\u2019s investment thesis of pursuing best-in-class properties,\u201d said IRA Capital Co-founder Samir Patel in a prepared statement. \u201cDespite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.\u201d<\/p>\n<p>Following the recent $620-million sale of a 29-property medical office and life sciences portfolio, IRA maintains its focus on the healthcare sector, while also expanding interest to other asset classes, such as multifamily, industrial, net lease and hospitality.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>IRA Capital believes in strong post-pandemic recovery, pays $153 million on recently renovated Los Angeles office space leased to live entertainment tenant. <\/p>\n","protected":false},"author":48,"featured_media":32209,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-32204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRA Capital Buys Los Angeles 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