Hollywood's Landmark Capitol Records Building Sold
September 29, 2006 - The iconic Capitol Records building in Hollywood -- that looks like a giant stack of 45-rpm records topped by a spire resembling a phonograph needle -- has been sold. Capitol's parent company, EMI Records, announced it's selling the 13-story tower at the corner of Hollywood and Vine to New York-based Argent Ventures for $50 million. Argent is a real estate development firm. As part of the deal, Capitol Records and Capitol Studios will stay in the building, built in 1956. Singers Johnny Mercer, Frank Sinatra and the Beach Boys are among the legends who have recorded songs in the Capitol Studios. At night, a light on top of the tower spells out "Hollywood" in Morse code.