WMG To Drop $16 Million Per Year On New Headquarters Rental
October 7, 2013 at 5:17 AM (PT)
WARNER MUSIC GROUP has unveiled details in an SEC filing, some details about its new world headquarters at 1633 Broadway in NEW YORK CITY.
The new digs are close to 300,000 square feet, and the 16-year deal will expire on JULY 31st, 2029.
In the filing, WMG wrote they "will be initially obligated to pay approximately $16 million in annual rent, in addition to its pro rata share of certain real property taxes, operating expenses and common area maintenance expenses. Terms include initial periods of free rent and a tenant improvement allowance as set forth further in the Lease. 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."