CAPITAL RECORDS TOWER: Depending where you read, the World's First Circular office building was built in 1956. Located at 1750 Vine, the corner of Hollywood and Vine.
The romantic story about the origin of this symbol of '50s chic is that singer Nat King Cole and songwriter Johnny Mercer suggested that the record company's headquarters be shaped to look like a stack of 45s. Architect Welton Becket claimed he just wanted to design a structure that economized space, and in so doing, he created the world's first cylindrical office building. On its south wall, L.A. artist Richard Wyatt's mural Hollywood Jazz, 1945-1972 immortalizes musical greats Duke Ellington, Billie Holiday, Ella Fitzgerald, and Miles Davis. The recording studios are underneath the parking lot; all kinds of major artists, including Frank Sinatra, the Beatles, and Radiohead, have filled the echo chambers with sound. At the top of the tower, a blinking light spells out "Hollywood" in Morse code. Due to tightened security, the building is not open to the public.
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Argent To Purchase Tower And Adjacent Properties In $50 Million All-Cash Deal
Capitol Records and Capitol Studios To Continue Operations in This Historic Hollywood Location
LONDON AND LOS ANGELES, 28 SEPTEMBER 2006 – EMI Music North America has entered into an agreement with Argent Ventures, the New York-based commercial property owner and developer, to sell the Capitol Records Tower and adjacent properties to Argent 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.
The sale of these facilities is consistent with EMI’s strategy to divest of non-core real estate assets, and in some cases, enter into leaseback 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.
"We are grateful for EMI's continuing commitment to a community of which we are now a part," said Michael Gargano, Managing Director at Argent Ventures. "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."
“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,” said David Munns, Chairman and CEO of EMI Music North America. “This is part of the restructuring effort we announced in April, and will help to ensure our organisation 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.”
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