Global Music Company Relocates LA Office
The tenant will move to a redeveloped property in Beverly Hills.
Concord has leased 32,241 square feet at Wilshire & Palm, a redeveloped creative office building at 9171 Wilshire Blvd. in Beverly Hills, Calif. JLL negotiated on behalf of Cruzan, the landlord, while CBRE represented the tenant.
The global music company, which supports more than 125,000 artists and songwriters, plans to move from its current Los Angeles location at 5750 Wilshire Blvd. to Beverly Hills in the third quarter of 2025. Concord will occupy the entire sixth floor and penthouse of the building.
Concord is headquartered in Nashville, Tenn. In addition to Los Angeles, the company has offices in New York, Miami, London, Berlin and Melbourne.
A creative office building in Beverly Hills
Built in 1959, Wilshire & Palm was redeveloped by Cruzan after the firm acquired it in April 2018 for $69.3 million from Manulife Investment Management, according to CommercialEdge data. The seven-story, 110,000-square-foot office building features 6,000 square feet of street-level retail and a total of 202 parking spaces in an underground garage.
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Dennis Cruzan, founding partner of Cruzan, said in a prepared statement Concord was the prototype media tenant they had in mind when they redeveloped the building. The music company’s penthouse space will consist of indoor/outdoor workspaces while the sixth floor will feature open workspaces, collaboration areas and listening rooms with hi-tech acoustics.
JLL’s Bryan Dunne and Danny Rainer represented Cruzan. Paul Haskin and Jeff Gerlach of CBRE negotiated on behalf of Concord.
Active office market
The Beverly Hills office market has been active in recent months. In August, e-commerce fashion retail firm Fashion Nova purchased 407 N. Maple Drive, a four-story, 175,000-square-foot office building, from Tishman Speyer in an $118 million all-cash transaction for its global headquarters. Fashion Nova will move its more than 500 employees from its current headquarters in Vernon, Calif., to the Beverly Hills building by the end of the year.
And, in July, the Mateen Brothers bought Wilshire Rodeo Plaza, a 300,000-square-foot property with Class A office and retail space, from Nuveen, for $211 million. It was the largest property transaction in Beverly Hills since 2019, according to The Wall Street Journal.
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