Capitol Records is All Good For Now
An update on the Capitol Records Building in Hollywood where the construction of a condo's underground parking lot that will come within six yards of the studio's underground recording studio.
Julie Wong at Councilman Eric Garcetti's office said in an e-mail that "Capitol Records and Second Street worked out a private agreement between them. Both parties were satisfied with the mitigations (which included Second Street putting $1.5 million in an escrow account to cover any losses that Capitol might incur as a result of Second Street's construction) and there wasn't really any contention during the council meeting."
The company was threatening at the last moment to move out of the famed building, but by bringing together the two neighbors, Garcetti was able to get the two to talk and come to agreement. "Both parties have agreed on a term sheet which we anticipate will reflect the terms we negotiate in a final agreement," EMI, owner of the building, said in a statement. "This agreement will protect the acoustic integrity and operations of the Capitol Records Studios and ensure it continues as one of the world's premiere recording facilities, as it has for more than 50 years."