Rumors have been floating around for the past few years that the '70s-era entertainment complex, directly across from the Century Plaza Hotel on Avenue of the Stars, would be razed to make room for a modern office and retail facility. The site is controlled by Trammell Crow Co. and a partnership of New York-based JP Morgan and the General Motors Corp. and AT&T pension funds.

Late last week, new rumors began circulating that Trammell Crow had finally decided to pull the trigger. That culminated yesterday, when a published statement by the NY-based company that operates the Shubert said the theater would be replaced and a source familiar with Trammell Crow's plans told GlobeSt.com that demolition could begin next year.

"The Shubert Organization is saddened and disappointed the ownership of the ABC Entertainment Center has decided to replace the existing complex with a new office building," says Shubert spokesman Lee Silver, reading from a prepared statement. "The Shubert Organization built the theater and operated the building since its opening in July 1972."