“The Post,” an office building on Maple Drive in Beverly Hills, was bought by IRA Capital. (photo courtesy of IRA Capital)

IRA Capital on Oct. 14 acquired “The Post,” a 102,500-square-foot office building in Beverly Hills that is 92% leased to live entertainment promotion and ticketing company Live Nation Entertainment Inc.

The four-story building at 325 N. Maple Drive serves as Live Nation’s concerts division headquarters, a segment of its operations that accounts for 80% of its consolidated revenue. The remaining 8% of the building is leased to the U.S. Postal Service.

“The Post” underwent a $44 million redevelopment in 2019, which incorporates active design elements such as a light-filled open plan featuring 22-foot ceilings, a large-scale open stairway and outdoor patios.

IRA recently sold a 29-property healthcare real estate portfolio to Nuveen Real Estate for $620.4 million. IRA has also been active in the entertainment and media business through its partnership with Lantern Entertainment as a major investor in Spyglass Media Group.

“The property’s irreplaceable location and thriving tenant align with IRA’s investment thesis of pursuing best-in-class properties,” IRA Capital co-founder Samir Patel said. “Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.”

IRA continues to expand its real estate portfolio in various sectors with plans to exceed $1 billion of acquisitions by year-end 2021.

IRA Capital is a Southern-California-based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions and family offices.  IRA invests in commercial real estate assets throughout the country and has a private equity and venture capital platform that invests in operating companies. Headquartered in Irvine, IRA has acquired more than 6 million square feet of property in 30 states, valued in excess of $2.5 billion.