Universal Music Group Acquires Two Parking Lots Adjacent to Capitol Records Tower

Universal Music Group acquired two parking lots adjacent to the famed Capitol Records Tower in Hollywood for $30 million. The area at 1720 Vine St. and 1733 Argyle Ave. spans 1.36 acres.

Seller Millennium Partners announced that it had withdrawn plans for a $1-billion development at the site several months ago following a decade of planning. Plans called for two towers designed by Handel Architects that would have been the tallest in Hollywood at 46 and 36 stories, respectively, containing a total of 1,005 residences. The property sits on an earthquake fault line.

Universal Music Group leases space in the Capitol Records building and reportedly acquired a 50% stake in the property last year.