[Photo Credit: L.A. Times]
The owner of the building, EMI Group, made a deal to sell the building to New York-based Argent Ventures for $50 million. Capitol Records will leaseback the building and continue to operate there for “many years to come.” As part of the deal, Argent also acquired the parking lot southeast of the building. Though no luxury condos will be in the Capitol Records Building’s near future, Argent wants to build a mixed-use development on the parking lot that will include both office space and probably luxury condos.
· Capitol Records Tower to be Sold [L.A. Times]