The Six Feet Under star will portray a drug addict called Idaho in Randall Miller's drama about the famous music venue, Deadline reports.
CBGB centres on the titular club's founder Hilly Kristal, and how his venue helped launched the careers of several iconic punk bands including the Ramones and Blondie.
Alan Rickman will lead the cast as Kristal, while Malin Ackerman is starring as Blondie lead singer Debbie Harry.
The cast also includes Twilight actress Ashley Greene, Harry Potter star Rupert Grint, Stana Katic, The Big Bang Theory's Johnny Galecki and Foo Fighters drummer Taylor Hawkins, who will portray Iggy Pop.
Hangover star Justin Bartha joined the project last week in the role of The Dead Boys frontman Stiv Bators.
CBGB begins principal photography in Savannah, Georgia this July, and will then move to New York City.