IM Group, the district’s largest commercial landlord, said it had agreed to acquire the Seven Seas building, a dilapidated structure that once housed a famous Hollywood Boulevard nightclub.

At the request of the city’s redevelopment agency, CIM plans to restore the edifice to its 1920s style. The building’s seller, infamous impresario Eddie Nash, agreed to part with the retail and office structure for an undisclosed price.

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