Label Movement Around Manhattan
July 18, 2008 at 5:43 AM (PT)
A pair of NEW YORK-based music labels are on the move. THE N.Y. POST writes TODAY that
EMI is hunting for new, smaller NEW YORK headquarters for its NORTH AMERICAN recorded-music operations after completing a global cost-cutting initiative last month that eliminated some 2,000 jobs worldwide.
The company, which is owned by private-equity firm TERRA FIRMA, has retained CUSHMAN WAKEFIELD to shop a sublease of its existing location at 150 Fifth Ave. in the FLATIRON DISTRICT, where it occupies more than 180,000 square feet on floors 2-11 of the L&L ACQUISITION-owned building.
Meanwhile, SONY BMG's RCA/J RECORDS and CLIVE DAVIS -- now BMG LABEL GROUP's Chief Creative Officer -- are relocating from Davis' former fiefdom of 745 Fifth Ave. to the major label's headquarters at 550 Madison Ave., sources said.
RCA's relocation comes on the heels of a BMG leadership shakeup earlier this year that saw BARRY WEISS, formerly chief of the company's ZOMBA group, replacing DAVIS as Chairman/CEO of BMG.
ZOMBA relocated to 550 Madison from downtown last year. RCA's move is expected to be completed by SEPTEMBER.
EMI won't be moving for at least a year sources said.
Insiders said the company is eyeing potential new locations in lower MANHATTAN.