LA Observed notes that we may not be observing Capitol Records in LA for much longer as EMI puts up the Capitol Records’ building for sale. From LA Observed:

The potential of converting the circular, Welton Becket Associates-designed tower on Vine Street into condos has helped attract several offers. But Andy Fixmer reports in the L.A. Business Journal that Mayor Villaraigosa and other city officials are scrambling to keep Capitol’s 160 employees in Hollywood, perhaps by making improvements that will entice a new owner to let Capitol Records stay on a lease. A source tells the LABJ that “EMI has decided that they are in the record business; not the real estate business…[they] can get a lot of money for the property, so that is what they’re going to do.” Just six years ago the city came up with $4 million to help renovate the 1950s building that is shaped like a stack of records and head off Capitol’s threatened departure. Now EMI is said to be upset that so many buildings around the tower are going residential. Josh Kamensky, the spokesman for Council president Eric Garcetti, says in the story that EMI has been told that Capitol Records doesn’t qualify for adaptive reuse.

Independent Sources earlier recommended to EMI that they modernize the famed building by making it look like the world’s larges Apple iPod as follows:

But we never received a response.

tags: capitol records RIAA iPod

This entry was posted on Wednesday, March 15th, 2006 at 11:12 am by Insider and is filed under Brilliant, but uncategorizable. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.