Capitol Records building sold

EMI Group is selling the world's first circular building to developer Argent Ventures for $50 million. The music company has signed a long-term lease and plans to keep its operations in the building. You might remember the howls of protest when there was talk of converting the 13-story building into condos. Well, Argent has agreed not to go the condo route, but it will develop land next to the building. "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," said Michael Gargano, Argent's managing director.