Live Nation renews 25K sf lease at 1800 North Highland
Looks like Live Nation will “be” staying in Hollywood.
The concert giant, which is headquartered in Beverly Hills, has renewed the lease for its 25,000-square-foot satellite office at the Souferian Group’s 1800 North Highland building for a three-year period.
Live Nation will remain on two floors of the 7-story, 88,000-square-foot building while parts of it are under construction. The Souferian Group, led by Behzad Souferian, is launching an office-meets-hospitality brand called “Be” in the building and is remodeling its entrances, lobbies and lounges.
The lease value is not known, but asking rents at the property are $4.25 to $4.75 a square foot a month, according to CoStar. That amounts to $3.8 to $4.3 million for the length of the lease.
Mike Arnold and Jodie Fisher of Newmark Grubb Knight Frank represented Souferian Group in the lease deal. Chris Mongeluzo of the same firm represented Live Nation.
Other tenants at the building include Sean Combs’ music cable network Revolt TV and Soothe, a massage app which inked a lease in September, bringing the property to 100 percent occupancy. Since then, an 11,000 square foot lease has expired, and the property is 87.5 percent leased. Souferian told The Real Deal he is in talks with several tenants for the empty space.
The launch of the “Be” concept at the office entails “communal courtyards…like you’d find at a high-end residential project,” Souferian said. It also involves a concierge email system, delivery food via picnic baskets and a benefits package with discounts at restaurants and other partnering businesses. Be-branded bikes will be available for tenants, who are encouraged to bring their pets to the office.
“The name Be, we wanted it to have a personality, so if it is a fitness provider, it can be Be Fit, if it is a food [program], it can be Be Fed,” Souferian told TRD. “We are in the space that exists between commercial real estate and hospitality.”
Souferian said he is in “deep discussions” to acquire properties in multiple American cities where he would also launch the “Be” concept.