Current Disposition
In September 2006, owner EMI announced that it had sold the tower and adjacent properties for $50 million to New York-based developer Argent Ventures. The studio currently claims that it is threatened by noise from construction of a condominium and underground parking lot by building firm Second Street Ventures that would have heavy equipment working within 18 feet (5.5 m) of its renowned underground echo chambers, which are themselves over 20 feet (6.1 m) below ground level. According to the CBS Evening News of July 31, 2008, the developers deny this, and Second Street Venture's co-owner David Jordon says they have arranged construction work outside the hours of Capitol's recording schedules, and that they have also arranged for soundproof materials to be placed between the underground parking lot and Capitol's underground echo chambers. A senior record producer in the recording industry, Al Schmitt, says it would be "heartbreaking" if it came to pass that the company could no longer use the echo chambers, which he says are, "the best in the business."
In November 2012, it was announced that Steve Barnett would be based at the building as Chairman & CEO of the Capitol Music Group.
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