EMI Music has agreed to sell the famed building and adjacent properties to N.Y.-based commercial property owner and developer Argent Ventures for $50 million.
As part of the agreement, EMI has entered into a long-term lease with Argent, which will enable the Capitol label and historic recording studios to continue their operations at these facilities "for many years to come."
According to EMI, the sale of these facilities is "consistent with [our] strategy to divest of non-core real estate assets, and in some cases, enter into lease-back arrangements, as the company recently did earlier this year with two facilities in
Argent’s acquisition includes the
EMI will retain the trademark and rights to the imagery of the
Said Argent Ventures Managing Director Michael Gargano: "We are grateful for EMI's continuing commitment to a community of which we are now a part. Being able to become a stakeholder in
Added EMI Music Chairman/CEO David Munns: “We are pleased to enter into this sale and leaseback with Argent, a company whose track record includes some prestigious and high profile properties in
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