Complex sentence: In 2004 and 2005, most of the building was demolished with only the facade preserved and became the new state-of-the-art live theatre and concert venue known as "The Panasonic Theatre".
Split into simpler sentences: In 2004 and 2005, most of the building was demolished, with only the facade preserved. The old building was replaced by a new state-of-the-art live theatre and concert venue, and it was known as "The Panasonic Theatre".