The landmark Capitol Records tower in Los Angeles is being dealt to Argent Ventures in a $50 million sale-and-leaseback deal, according to media reports.

London's EMI Group plc sold the building to Argent as part of its plan to shed some of its real-estate holdings. EMI in turn signed a long-term lease with Argent, keeping Capitol Records and Capitol Studios in the building.

The deal also includes the Gogerty building next to the tower and a nearby parking lot.

The cylindrical building was opened in 1956, and has hosted such renowned artists as Frank Sinatra, Nat King Cole and the Beach Boys. The building was designed to look like a stack of records on a turntable. The blinking lights on the stylus on top of the building spells out "Hollywood" in Morse Code.

EMI Group is the world's third-largest music company, behind Universal Music Group and Sony BMG.