Worthe and Invesco sell Beverly Hills office for $ 153 million – Commercial Observer

Worthe real estate group and Invesco Real Estate sold an office building in Beverly Hills for $ 153.2 million, or the equivalent of $ 1,532 per square foot, Commercial Observer has learned. It was acquired by IRA Capital.

The recently renovated 325 North Maple Drive, called The post office, was designed by Gensler, and it is rented to the event promoter Live nationwide entertainment. Records show it was last acquired for $ 77 million in 2016.

Live Nation signed an 11-year lease to occupy the old post office building in early 2019, LA Business Journal reported at the time. Not all Invesco, Worthe and IRA were immediately available for comment.

Live Nation is one of the largest concert promoters in the country and previously worked with Invesco when Invesco bought Live Nation’s New York home Four years ago.

In July, Invesco unloaded an office campus in the northwestern part of Greater Los Angeles to $ 80.8 million, and earlier this year the company made a loan of $ 116 million for the acquisition of 10 self-storage properties. By the end of 2020, Invesco provided $ 140.7 million in the financing of acquisitions for the Hollywood 959 Campus.

Gregory Cornfield can be reached at [email protected].

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