Jay-Z and Frank Sinatra now have at least one thing in common: both artists have helped christen the legendary Hollywood Palladium in Los Angeles.

Sinatra first opened the 4,000-capacity Palladium during a concert with the Tommy Dorsey Orchestra in 1940, and last night (Oct. 15) rap mogul Jay-Z helped re-launch the venue with a sold-out show. The Palladium was shuttered for more than a year for to undergo multi-million-dollar renovations.

"An artist of Jay-Z's caliber is the perfect way to open a new chapter for such a classic and legendary venue," Live Nation president of California Rick Mueller tells Billboard.biz. "Fans got a taste of the unique atmosphere and great vibe that is the Hollywood Palladium, and it is something we think bands will want to be a part of."

The upgrades to the Palladium include an overhaul of the venue's interior and exterior, a new dance floor, expanded concessions, upgraded restrooms and improvements to the stage infrastructure. Live Nation holds a long-term lease to operate, manage and exclusively book the Hollywood Palladium.

Dressed in a black leather jacket with a dark Rocawear T-shirt and sunglasses, Jay-Z swaggered across the stage for nearly an hour-and-half, backed by an eight-piece band and DJ AM, who played his first show after surviving a plane crash last month in South Carolina.

The New York rapper's set included such hits as "Izzo (H.O.V.A.)," "Jigga What, Jigga Who," "Big Pimpin'," "Hard Knock Life" and "99 Problems," among others. Rapper T.I., whose album "Paper Trail" is No. 1 this week on The Billboard 200, made a brief cameo for "Swagga Like Us."

Jay-Z is signed to a long-term, multi-rights deal with Live Nation. The rapper's new album, "Bluprint 3," is expected to drop before year's end. The set is his last under contract for Def Jam before he begins recording for Live Nation.

Upcoming concerts at Palladium include Gym Class Heroes, Flogging Molly, Rise Against, Dragonforce, Motley Crue, Of Montreal, Backstreet Boys, the Jonas Brothers and Slightly Stoopid.