The fire at 1041 Production Studios at 1041 N. Orange Dr., near Santa Monica Boulevard, was reported about 7 p.m. and was knocked down in 18 minutes.
About 85 percent of the building was saved. The building is home to about six recording studios.
Along with Presley, the studio is famous for recording Nat King Cole and the Beach Boys, said Daniel Balistocky, owner of Revolution 9 Recording Studios, which is situated in the building.
Balistocky raced down to find that his studio was not damaged.
"Without my studio I'm unemployed. I'm jobless," he said. "If this building had burned down, my entire career would have burned down with it."
Alex Lagos, who owns Sable Studios, was not as fortunate. He was working downstairs when smoke started coming through the ceiling.
"The second floor is pretty much gone because some of the ceiling caved in and some of the equipment got damaged," he said. The first floor was not heavily damaged.
A cat named Sable belonging to Lagos' son was trapped inside. Firefighters found the cat unconscious from smoke inhalation, but were able to revive it with oxygen.
The cause of the fire is under investigation.
In an earlier report, Daniel Balistocky, an owner of one of the studios, mistakenly said that the Beatles had recorded there.