Empire State Inks Full-Floor Lease at NYC Property

By IvyLee Rosario

250 West 57th St.

After securing an 85,400-square-foot lease with The American Society of Composers, Authors and Publishers in October, Empire State Realty Trust inked a 26,150-square-foot long-term lease with Universal Music Group for an entire floor at the 250 West 57th St. office building in Manhattan. The company will now be located adjacent to its headquarters at 1755 Broadway. 

Universal Music Group is home to some of music’s greatest artists, innovators and entrepreneurs. The business owns and operates a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries.

7th full-floor tenant

“We are thrilled to lease a full floor to Universal Music Group at the new 250 West 57th St.,” said Thomas Durels, executive vice president & director of leasing and operations for ESRT, in prepared remarks. “This transaction marks our seventh full-floor tenant at 250 West 57th St. which has been modernized for the 21st Century and has had an extensive redevelopment including new Gensler-designed lobby with its incredible art installation, new streetscape, new building entrance, modernized elevator system and new elevator cabs.”

Scott Gottlieb of CBRE represented Universal Music Group in the lease negotiations. Landlord representation was provided by Keith Cody of ESRT, along with Cushman & Wakefield’s Harry Blair, Sean Kearns and Heather Thomas.

Image courtesy of Yardi Matrix