I'm really concerned about the Varsity now that Borders is going for good.
I don't know whether the building has any historical protection, however, I wouldn't be surprised if it disappears given the suddenness of the Cal Ave tree snafu a couple of years back.
For those that don't know, California Avenus is part of 'old' Palo Alto, and has a bunch of boutiques, restaurants, and cafes. It was lined with shade trees that had been there since the city had been founded, and was overall a very nice place to be.
A few years back, the city decided to, uh, beautify the area by cutting down all the trees, and this happened almost overnight. The street now feels like a seedy part of LA, and is nowhere as nice a place to be, thanks to the local government.
Off-topic, but there's a fantastic bagel shop near the corner of California and El Camino that I highly recommend.
I don't know whether the building has any historical protection, however, I wouldn't be surprised if it disappears given the suddenness of the Cal Ave tree snafu a couple of years back.