Warner Music Commits $16 Million Annually for New York Headquarters
In a Friday afternoon filing with the SEC, Warner Music Group revealed the details of its new world headquarters at 1633 Broadway in midtown Manhattan.
Warner is renting nearly 300,000 square feet of office space from Paramount Group in what amounts to a 16-year deal, expiring on July 31, 2029. The company also retains a one-time right to extend the terms for five or 10 years and may, under certain conditions, lease additional space as needed.
The company is initially on the hook for $16 million in annual rent but may also enjoy periods of abatement if contractual obligations are met.
As of this writing, fixed payments are scheduled to begin on Aug. 1, 2014, for the first four floors of space the company is renting. Payments for the final two floors could kick in as late as January 1, 2017.
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