This is, of course, the newly restored Hollywood Palladium – it opened on September 23, 1940, with a concert by Frank Sinatra and the Tommy Dorsey Orchestra. It's seen the Emmy Awards, Grammy Awards, the Oscars, the Grateful Dead, the Rolling Stones, James Brown, Led Zeppelin, Madonna and so on. It was built on the site of the original Paramount Pictures, between Argyle and El Centro. It's all Streamline Moderne again – designed by Gordon Kaufmann, the architect of Greystone Mansion and the Los Angeles Times building. Live Nation bought the place and is just finishing up the renovation.
And at the link you'll also see that November 18, 1961, there was a Democratic Party dinner here and President Kennedy spoke out against ultra-conservative organizations – Southern California has plenty of those. And in February 1965, Martin Luther King was honored here by city officials, for winning the Nobel Peace Prize.
Now it's Infected Mushrooms.