The singer-songwriter and Dead & Company frontman, together with film director, producer and former record producer Joseph McGinty Nichol, who goes by the name McG, have together entered a contract to purchase the Jim Henson Company Lot in Hollywood for north of $40 million from the Henson family, according to the L.A. Times.

John Mayer is set to purchase the storied Hollywood lot established by Charlie Chaplin and later owned by A&M Records and the Jim Henson Company, according to The Hollywood Reporter. A rep for Mayer — who has an office on the lot — confirmed that the musician,