Tower Records store, and late Tower Records founder Russ Solomon (Credit: Getty Images)
It’s been a bad week for nostalgic music lovers.
Just days after plans to demolish the Amoeba Music were greenlit, an opportunity to lease the former home of the iconic Tower Records on the Sunset Strip has hit the market.
While the store hasn’t been in operation since Tower Records filed for bankruptcy in 2006, it has basically maintained the same exterior and signage since its early days in the ‘70s. As a means to protect the store from the wrecking ball, guitar maker Gibson leased the 8,600-square-foot building in 2014.
But Gibson itself went bankrupt four years later, and has since exited its lease. Gibson had been using the store as an office and showroom for its products.
Rent at the Sunset Strip storefront, which sits on a 34,570-square-foot lot, rents for around $230,000 per month, according to marketing materials.
Listing broker Jay Luchs of Newmark Knight Frank said he is in discussions with a few potential tenants, though nothing has been confirmed yet. Luchs pointed to the storefront’s visibility on the Sunset Strip as a major attraction to tenants.
“It’s one of the most expensive billboards in L.A.,” he said. “It’s a billboard with parking.”
Adherence Capital Management has owned the property since 2016, when it paid a New York-based Angelo Gordon & Co. $35 million to acquire the building.
Tower Records founder Russell Solomon, who died last year, built the store nearly 40 years ago and opened it in 1971. It ranks among the most famous locations on the Sunset Strip, and in L.A.
Earlier this week, City Council signed off on a plan to redevelop the legendary Amoeba store, also on Sunset Boulevard. GPI Companies is building a 26-story residential tower in its place.