Label, studios to continue operations at these facilities.
EMI Music North America revealed Sept. 28 it entered into an agreement to sell the Capitol Records Tower and adjacent properties to Argent Ventures, a New York-based commercial property owner and developer, for $50 million.
As part of the agreement, EMI has entered into a long term lease with Argent, "which will enable the Capitol Records label and Capitol Studios to continue their operations at these facilities for many years to come," according to a statement.
Since opening its doors in 1956, the building has become a fixture in the Hollywood landscape, and home to 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.
EMI will retain the trademark and rights to the imagery of the Capitol Tower.