I had this problem as well.
The issue was I had edited the CROSS_COMPILE variable in mk/common.mk to add the entire path to the toolchain:
CROSS_COMPILE = /opt/CodeSourcery/Sourcery_CodeBench_Lite_for_ARM_EABI/bin/arm-none-eabi-
Not sure why that caused the issue, but what fixed it was instead of doing this, just add the toolchain path to your path variable.
In mk/common.mk, change the CROSS_COMPILE line back to:
CROSS_COMPILE = arm-none-eabi-
Then in your bash shell, do the following (adjust your path accordingly depending on where you installed the toolchain):
$ export PATH=$PATH:/opt/CodeSourcery/Sourcery_CodeBench_Lite_for_ARM_EABI/bin
If you have multiple ARM build environments on your system, you might want to verify the build will pick up the right one:
$ which arm-none-eabi-gcc
/opt/CodeSourcery/Sourcery_CodeBench_Lite_for_ARM_EABI/bin/arm-none-eabi-gcc
Then build via:
$ ./tools/build_sdk