The famous Capitol Records Tower, designed by architect Welton Becket, has been sold by EMI Group (EMI) to a New York property development company for $50 million. The building houses both Capitol Records and Capitol Studios. They have a lease-back as part of the deal and they both will remain in the building with a long-term lease.
EMI announced that the sale was part of their strategy to stick with their core business and get rid of non-core real estate assets.
The LA Times said it was promoted as "'the office of tomorrow,' the futuristic Capitol Tower opened its office doors on April 6, 1956. Styled to resemble a stack of records and capped by a towering "spindle" (topped by a light that blinked the word "Hollywood" in Morse code), the dramatic circular building became an immediate tourist attraction, and went on to be a Hollywood icon featured in dozens of films and TV shows."
The studios are famous for their fantastic acoustics as they were designed by famous guitarist Les Paul.
Comment Preview