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Tower Falling Down?

TOWER FOR SALE: With EMI Music bidding in full swing, the label’s iconic Capitol Records Tower in Hollywood on Vine St. may be a casualty of the sale. The owners, a joint venture between Millennium Partners and Argent Ventures, have placed their $21.9 million loan on the building in special servicing, hoping  to avoid a default when it comes due in October. EMI occupies 100% of the Tower, which was acquired by the two owners in 2006 for $50 million, with plans for a $1 billion, 1 million square foot mixed use complex, including apartment towers, a hotel and retail stores, with a parking lot across the street. Considering EMI’s future is up in the air, suddenly the Tower plans are vulnerable, too. (8/22p)

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Candying.
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