Live Nation agrees to buy Old National Centre
By Michael Anthony Adams
INDIANAPOLIS, Ind. (Dec. 9, 2014)– A 105-year-old Indiana landmark will soon be owned by a multibillion-dollar California entertainment company, according to our partners at the IndyStar.
Live Nation Entertainment has entered into an agreement to buy the Old National Centre at 502 N. New Jersey St. from the Murat Temple Association, said William Rasner, the potentate of the Shriners’ International charter in Indianapolis.
Rasner said the association had not even considered selling the building until Live Nation approached with an offer.
“We have known for many years that our facility has been much larger than we needed,” Rasner said in an email to The Indianapolis Star. “After much consideration, it was decided that we should move forward, ultimately reaching an agreement with Live Nation.”
The Beverly Hills-based entertainment company has been a tenant in the 250,000 square foot building since 1995, Rasner said, hosting such big-name acts as Bruce Springsteen, Kanye West and The White Stripes and producing other shows and events in Indianapolis.
Old National Centre was known as the Murat Theatre until Live Nation struck a deal with Old National Bank to rename the historic building in 2010. The building is the largest Shrine temple in the nation.
Completed in 1910 as the 17th temple of the Ancient Arabic Order of the Nobles of the Mystic Shrine, the Murat Theatre was to be the home of the Murat Shriners’ charter in Indianapolis. The association paid $237,000 for the land and construction of the building, which was designed by Indianapolis architect Oscar D. Bohlen to resemble mosques in the Middle East.
Live Nation Entertainment, resulting from a 2010 merger between Live Nation and Ticketmaster, also owns the Klipsch Music Center in Noblesville, as well as 148 venues in eight countries, according to the company’s website.
Live Nation officials were unavailable for comment Tuesday on the agreement. Terms of the deal were not disclosed.