Warner Music Group Corp. has entered into a lease agreement for its new worldwide headquarters.
The lease between the company and Paramount Group, Inc., as agent for PGREF I 1633 Broadway Tower, L.P., is for nearly 300,000 square feet of office space at 1633 Broadway in midtown Manhattan. The initial term of the Lease runs for approximately 16 years, from about January 1, 2014 to July 31, 2029.
CBRE, Inc. brokered the deal, according to the lease.
The lease includes a single option for the company to extend the term for either five years or 10 years. In addition, under certain conditions, the Company has the ability to lease additional space in the building and has a right of first refusal with regard to certain additional space.
The Company 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.