Billboard-Hollywood Reporter Media Group and Dick Clark Productions have inked a lease to occupy 118,000 square feet in a Beverly Hills office building, The Real Deal has learned.
Eldridge Industries, a private equity investment firm, owns the building at 100 North Crescent Drive.
The firm is also the parent company of Valence Media, which formed last year, and operates Billboard-Hollywood Reporter Media Group — comprised of the trade publications The Hollywood Reporter and Billboard — Dick Clark Productions and the independent television and film studio MRC. Both Valence and MRC will also have their offices in the Beverly Hills building.
The North Crescent Drive office was built in the 1980s, and has been undergoing renovations recently. Eldridge is expanding the property into a 150,000-square-foot, five-story structure with a ground-floor restaurant. It will include a 100-seat screening room and floor-to-ceiling glass windows. Gensler is leading the project, which Eldridge filed plans for in 2017.
A spokesperson for Valence confirmed the relocation. Eldridge did not respond to requests for comment.
The Hollywood Reporter will move its main office, and Billboard will relocate its Los Angeles operations, both from the Wilshire Courtyard at 5700 Wilshire Boulevard in Miracle Mile. The media firms are the latest to be vacating the 1 million-square-foot campus, which the Onni Group was reported to be buying for $600 million.
Dick Clark Productions will be moving from the Lantana office campus in Santa Monica. Skydance Media recently bought half of the campus for $320 million.
Valence, led by co-CEOs Modi Wiczyk and Asif Satchu, formed last year. The Hollywood Reporter and Billboard focus on the entertainment and music industries, while Dick Clark Productions is known for producing live-event shows. MRC has created hits like the Netflix series, “House of Cards” and the “Ted” films starring Mark Wahlberg.
Eldridge also owns Cain International, which recently partnered with developer Beny Alagem on the One Beverly Hills mixed-use project.