Nathan Lane Says 'It's Emotional to Talk About' Mel Brooks as They Reunite at Governors Awards (Exclusive)

Tuesday was a night that Nathan Lane will not soon forget.

The actor and singer, 67, spoke with PEOPLE following Mel Brooks' honorary Oscar presentation at the 14th Governors Awards, sharing that "it's emotional to talk about" the legendary Producers creator.

"He's an icon of comedies. If there's a Mount Rushmore, he's on it," Lane said of Brooks, 97, recalling the experience of starring in the Tony-winning musical adaptation ofThe Producers on Broadway and subsequent 2005 film with costar Matthew Broderick. "We grew up on his work, and then to actually have been in a rehearsal room with him ... it's a once in a lifetime opportunity."

"And the fact that [The Producers] won more Tonys than any show in history and has yet to be beaten — even by Hamilton — is the thrill of the lifetime. We will always have that memory," he added.

Lane had not seen Brooks in a while before the Governors Awards, he told PEOPLE. "So we were backstage together for a while and it was great just to talk to him, and I love him so much," he said. "It's been a beautiful evening."

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Prior to Brooks' acceptance speech, Lane and Broderick took to the stage to present the Oscar statuette, breaking into songs like "The King of Broadway" before a crowd that included honorary Oscar winner Angela Bassett, Robert Downey Jr., Bradley Cooper and Margot Robbie.

"Matthew flew 10 and a half hours to be here," Lane told PEOPLE. "He's [been] in London, rehearsing Plaza Suite. He flew in, [and] just got back on a plane to go back to London."

"And I came all the way from the Four Seasons. Traffic was murder," he joked.

Lane said he and Broderick, 61, were only able to rehearse a couple of times ahead of the show given the tight turnaround due to Broderick's travel schedule, "so it was nerve-wracking to try and get it right."

"But I kept thinking, 'This is all about Mel. We're just doing this for Mel,' " he added. "And, look, to be able to stand there and hand Mel Brooks his honorary Oscar is something I'll never forget."

Brooks began his acceptance speech on Tuesday night by calling the honor "beautiful," adding, "I got to tell you, this means a lot to me. It really means a lot."

He then swore he'd never sell his second Oscar, jokingly telling the crowd he had sold his first. (In 1968, Brooks won Best Original Screenplay for The Producers.) "I miss it so much," Brooks cracked. "I never should have sold it."

The Young Frankenstein director recalled how it "meant a lot" to be awarded after growing up as the youngest of four boys in a big family.

"Finally they got to see me. It's the same thing in show business," Brooks said. "If your fellow writers, directors, actors like you and appreciate your work, it means a lot. It means a whole lot."

On June 26, 2023, the Academy of Motion Picture Arts and Sciences revealed that Brooks — along with Bassett, 65, and film editor Carol Littleton — would receive the award for their contributions to the industry at a ceremony that was originally scheduled for Nov. 18.

"First of all, I am very happy to still be alive!" Brooks told PEOPLE in a statement after the award's announcement. "But secondly, it is so nice to be recognized by my peers in The Academy over 50 years after my last Oscar,"

He added, "A long time ago I was given a choice: I had an offer to be working as an apprentice accountant or as a coffee runner in show business. I'm still glad I chose the coffee."

Brooks is one of 23 individuals to achieve an EGOT: an Emmy, Grammy, Oscar and Tony. He earned two more Oscar nods in 1975 for Best Adapted Screenplay for Young Frankenstein and Best Original Song for Blazing Saddles.