EMI sells Hollywood landmark Capitol Records Tower

[ALIASd]

EMI selling landmark Capitol Records Tower

By Chris Morris
The Hollywood Reporter
September 29, 2006

EMI Music North America has signed an agreement to sell the historic Capitol Records Tower in Hollywood to New York commercial property firm Argent Ventures, but Capitol will remain housed in the building under a long-term lease. EMI said the sale of the 50-year-old Vine Street landmark was part of its strategy to divest non-core real estate assets.

Some properties are subject to lease-back agreements; earlier this year, EMI sold and leased two facilities in Japan. EMI Music North America chairman/CEO David Munns said: "This is part of the restructuring effort we announced in April, and will help to ensure our organization remains flexible, with a focus on investment in the key areas of A&R, marketing and the development of our digital business. We are happy to carry on the heritage and tradition of making and marketing great music in this building."

http://www.hollywoodreporter.com/thr/music/brief_display.jsp?vnu_content_id=1003188164

[Janie]

Re: EMI sells Hollywood landmark Capitol Records Tower

As long as Capitol is still headquartered there, as long as the building isn't changed drastically, then it's all good. That's a classic and very historical building and should never be changed.

[Tom Chaney]

Re: EMI sells Hollywood landmark Capitol Records Tower

Here's a bit of Tinseltown Trivia for you. The red aircraft warning light atop the spire on the Capitol Building blinks out the letters H-O-L-L-Y-W-O-O-D in Morse Code.

[Cmash95]

Re: EMI sells Hollywood landmark Capitol Records Tower

is the building a designated historic landmark? if so they can't change the outside features of the building.