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"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."
—-David Munns, EMI N.A.
EMI WILL SELL TOWER: CAPITOL TO REMAIN AS TENANTS
Argent Ventures Will Lease Back Space in Building to Label and Studio
It's the end of an era, but the landmark Tower at Hollywood & Vine will remain a Capitol landmark.

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 Japan."

Argent’s acquisition includes the Capitol Tower, the famous cylindrical building designed to resemble a stack of records, topped with a stylus needle which blinks out “Hollywood” in Morse code.  Since opening its doors in 1956, the building has become a fixture in the Hollywood landscape, and home to the legendary Capitol Records label and the Capitol Studios, where artists such as label founder Johnny Mercer, Nat King Cole, Frank Sinatra and the Beach Boys recorded.  Argent is also acquiring the adjacent Gogerty building and a parking lot on Argyle Avenue.

EMI will retain the trademark and rights to the imagery of the Capitol Tower.

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 Hollywood through the acquisition of such an iconic building, while preserving the operational presence of a landmark company is exactly how we had hoped to approach the Los Angeles market."

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 New York and Miami. 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 historic building. Now, who'd be interested in a penthouse condo with a 360-degree view from the Hollywood Hills to the ocean?”

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