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Deals & Dealmakers

Universal Music Group takes full floor at ESRT’s 250 West 57th in Midtown

Universal Music Group is taking a full floor at Empire State Realty Trust’s 250 West 57th Street in Midtown.

The firm signed a ten-year, 26,000 s/f lease that closed after the third quarter, according to ESRT’s Tom Durels, who announced the deal during his company’s recent earnings call. The firm will occupy the eighth floor of the 26-story tower. Asking rent for the space was $69 per s/f.

“We are thrilled to lease a full floor to Universal Music Group at the new 250 West 57th Street,” said Durels, the firm’s executive vice president and director of leasing and operations. “This transaction marks our seventh full-floor tenant at 250 West 57th Street which underwent an extensive redevelopment including new Gensler-designed lobby, new streetscape, new building entrance, modernized elevator system and new elevator cabs.”

Universal Music, which has offices in 60 countries, has its New York City headquarters at the Symphony House Tower at 1755 Broadway. It signed a 10-year, 242,505 s/f renewal in the property in 2013.

The company’s new home is a 537,839s/f  tower located near Time Warner Center, Lincoln Center and Central Park.  Tenants in the building include COOKFOX Architects, GuildNet and Mount Sinai. Last month, the American Society of Composers, Authors and Publishers signed an 85,400 s/f lease to occupy four floors in the tower.

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